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Unless it is a family heirloom, then no the young woman does not need to give the ring back to her ex fiance. He gave it to her as a gift and it is hers. There is no reason he should want it back because if he met another woman and wanted to give her an engagement ring she would not appreciate getting a ring he had given his previous love.

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Q: Does a person need to give an engagement ring back to male?
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