Just toying with the idea here. I am thinking about proposing in the next year and I never expected I would be in this position.
My sister was just proposed to and dude must have spent like 10 grand on the ring. I think she feels like he spent too much. It looks like the friggin thing weighs her whole hand down.
Also do you think it is misogynist to ask the lady's dad for permission?
Getting married is effectively signing a communal property contract, which can still have significant legal and financial implications in the developed world. Not all developed countries have the same legal system.
Also, traditional is not the same as romantic. There is nothing romantic about asking the dad, she's not property. Some traditions deserve to die.
Edit to add: also absolutely shell out on a ring if you want. Just be sure it's actually what you want, not what you think you should do.