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Mine is a teeny 0.1 carat princess cut tension set in white gold, it cost around £200. It may be well below "average" but it's perfect for me!
http://ezinearticles.com/?Diamond-E...-a-Diamond-Engagement-Ring-in-2008&id=1034380
This is an interesting article about the size of engagements rings
Wow. .38 a carat? I find that quite odd. I would think that the average ring size would be a LOT bigger. Although, I have to admit, I LOVE rings with small stones. To me, smaller stones do well enough in saying, "I'm married!" while larger stones seem to say, "Look at my finger!"