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Once I'm given a "gift", it's MINE. I do not have to return it- at least in my opinion.
So while it may be 'proper' to return it, it's certainly NOT a must.
If wedding doesn't happen, ring goes back to purchaser. The promise is not fulfilled.
That would depend on the laws of your state and whether or not your ex-fiance wanted to sue you for it. It would most certainly be a must if a court ordered you to return it.
In most states the ring stays with the ex-wife. It sometimes is considered a conditional gift upon the promise of marriage. Once married, the promise is fulfilled and the ring belongs to wife.
I have never had a judge order the ring back to the man ever. Makes no difference who breaks up.
I've seen many girls sell their rings for cash upon divorce as they don't want it anymore.