I don't stop by the jewelry section too often but obviously i have too much time on my hands today
I would be
seriously offended if my wife came to me with such a request. Ironically, she would have every reason to as we got engaged a very long time ago and we were seventeen at the time, so I don't know what size diamond is in the ring but it is obviously pretty tiny and nowhere near a carat like the OP's. (For various reasons, neither of us wear rings at all so it's in the jewelry box).
To me that ring symbolizes a certain time and place in our lives and to upgrade or change it would be like throwing it away and would just be bad karma for our marriage.
Now if my wife came to me and said I would really like to buy a nice diamond ring or some similar expensive piece of jewelry, well, I would have no problem at all with that.