But you're still buying into the concept of the gifting of rings, when this is a recent phenomenon created by De Beer's. Unless they were European royalty, your great-great-grandparents did not exchange rings. Commoners did not have this custom until the twentieth century. When you suggest getting non-diamond rings, you perpetuate the expectation that people should exchange rings, continuing De Beer's advertising campaign.
My wife and I got married without exchanging any rings for this reason. I thought that I might need to explain my position on rings to friends and family, but we've never gotten so much as a comment about it.
(BTW, your link to the Atlantic article 404s.)