This is an item that might be used every day for the rest of your life (even beyond your life). You wouldn’t spring for a slightly better one? Moissanite exists, as do lab diamonds if you want to go cheaper and look the same.
Definitely pay more than $500 for something that may outlast you. If you or your spouse doesn’t like the ring because it’s cheap, that’s a worse deal that spending thousands on something that you actually use.
Imagine a ring that costs $10K that is worn every day for 10 years. It looks amazing. $2.74 per time worn. Now imagine a ring that costs $500 that’s only worn once a month for sentimental value. Over 10 years that’s $4.17 per time worn. It’s more expensive because you don’t like wearing it.