It's more the bride's mother and female relatives and friends. It harkens back to the question of "Can he afford to support you" and having an expensive ring to show everybody is supposed to be an indicator of that (as well as how much he loves his bride-to-be). /cynical answerFrom what I've seen on television series. Americans(especially women) are very concerned about traditions regarding marriage. If this translates into the real world, I don't know. But I'd like to. Anyone?
As for me personally, a diamond can be an investment or something to fall back on in case of emergency (as something valuable to sell), but it's certainly not what I would consider my "best friend" or my preferred kind of jewelry.
There was a recent feature on the Wedinator page of the Cheezburger Network (where people submit wedding photos that are unusual or funny) that I thought was nifty. A couple in the Society for Creative Anachronism had a period wedding. The bride made the wedding clothes herself, and their dog was part of it as well... the groom's hat was stuffed with a combination of wool and dog hair!
