Restore antique engagement ring or . . . ?

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I completely missed the important piece that this is your wedding ring!! In that case, I would reset it and wear it, but first have it inspected by a jeweler to make sure there are no chips on the girdle or elsewhere, which can often happen with older stones. If so, I agree with the recommendation to have it set in a bezel or with a wide prong across any small chip to protect it. I have a modern stone that I set in a similar style setting, in this case I had the side stones put in milgrain bezels for a little more interest value. (I will add some photos of it that I have on my phone), I think it is pretty classic, but what would speak to you? Is there a certain style of side stone that you like, or do you prefer a solitaire or halo? Do you like metal work like filigree or open-work? (Those were common in antique pieces also).

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The ring is stunning. If you don't like it..it won't be worn and enjoyed sitting in a jewelry box. Get something you would wear daily. It's your wedding ring after all!
However..maybe restore for future generations?
All these responses have been so helpful. I’ve decided to restore it to look like the original ring. I agree it shouldn’t sit in this condition whether I wear it or someone else will. And you all really have helped me see it anew and love it again.
 
I completely missed the important piece that this is your wedding ring!! In that case, I would reset it and wear it, but first have it inspected by a jeweler to make sure there are no chips on the girdle or elsewhere, which can often happen with older stones. If so, I agree with the recommendation to have it set in a bezel or with a wide prong across any small chip to protect it. I have a modern stone that I set in a similar style setting, in this case I had the side stones put in milgrain bezels for a little more interest value. (I will add some photos of it that I have on my phone), I think it is pretty classic, but what would speak to you? Is there a certain style of side stone that you like, or do you prefer a solitaire or halo? Do you like metal work like filigree or open-work? (Those were common in antique pieces also).

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Oh my gosh. Your ring is speaking to me! That is gorgeous.
 
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Thanks again to everyone who helped me understand and appreciate my ring. I had it remade and thought you might be interested in seeing the result. Here are indoor, sunlight, and profile views. I have not had a new diamond ring before. Is it normal for the prongs to stick up so high?

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Your new setting is stunning! The design allows the quality of your stone to shine and complements the diamond so well.
 
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