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Some of you guys are ballers. A half-carat is more than enough for an engagement ring. If you get something too expensive, chances are she'll feel self-conscious wearing it and you'll have to get separate insurance for it since most home insurance policies only cover jewelry up to 5-7K.
If you're really in the marriage for the long-haul, there's plenty of time to get nice jewelry down the road. The ring is just a symbol - and as long as it looks good and you propose to her in a way that honours your relationship, then that's all you need.
Save that extra 5-7K for your honeymoon, or new furniture.
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