A gift is a gift. BUT if given in the promise or premise that it is to mark an engagement or near-engagement, as opposed to say, a birthday or yom tov gift, the proper etiquette is to return it, if the relationship dissolves prior to a wedding. Speak to your ROV regarding any halachic aspects of this. The mesnchlech thing for either party to do, is to return ALL expensive gifts that were clearly given in consideration of the relationship, i.e. bracelets, watches, earrings, etc. I know of young women who refused to give back the diamond ring when the engagement was broken, and personally, that appalls me, and does not look too good for the girl who appears to be that mercenary.
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