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Maybe just have your SO buy a cute bauble in Spain for your finger?
You'll get a cute stand-in and a nice travel momento.
I rarely travel with big jewelry unless I can wear it the entire time.
It's not worth the worry/distraction. (This may be my personal strategy to collect little jewels.)
Where will you leave it if you leave it home? In a safe deposit box in a bank I hope? Otherwise it's safer on you.
I don't know if I'd want to leave it home for a whole month. You're not going to be out in the water the ENTIRE time. I don't know that I see your rental being as much a target that you couldn't leave it in there while you were out in the water for a couple of hours. You'll leave your purse there won't you? The ring is insured?
We were traveling all over Spain last year, and we left all of our jewelry at home to stay on the side of caution. We were visiting smaller towns with no problem, but it's on our last stop at Barcelona that my husband's cell phone got pick-pocketed on the metro. I guess it happens when you least expect it because we let our guard down towards the end of the trip. But I did see a lot of women with their wedding sets and they seem to have no concerns.
Bottom line, if it were to start all over again I would still keep all my valuables at home/safe for peace of mind ( and no CZ jewlery either since that might draw bad attention), and for cell phone or cameras I would always keep within reach/eye sight (never leave them unattended on the table). There are many articles online about theft in Barcelona. You can simply do a research and practice caution. Good luck!
I wore mine in Barcelona.