This depends on how the engagement was ended. If the engagement is ended by the person who bought and paid for the ring, through no fault of the party receiving it, the person who received the ring can keep it.
If the engagement is broken off by the person who received the ring through no fault of the person that paid for it or ended by mutual agreement, the person who purchased the ring may get it back, or it’s value or part of its value. If the parties cannot agree on this, a judge or jury can determine the fair value of the ring.
