What is the ruling on wearing an engagement ring for both males and females?

Praise be to Allah, the Lord of the World; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.

Generally a gold or silver ring is worn at the time of engagement. If the ring is golden it is forbidden for men. The Prophet (Sallallahu Alaihi wa Sallam) once held silk in his right hand and gold in his left hand and then said: "Both of these are prohibited to the males of my community" [ Ahmad , Abu Dawood , Ibn Majah and al-Nasa'i with a good chain].
However, there is no basis for the engagement ring in Islamic Sharia according to our knowledge.
Therefore, wearing gold or silver ring for women and silver, iron, etc. other than gold ring for men is permissible in Sharia.
Engagement ring is not from the manners of the Prophet (Sallallahu Alaihi wa Sallam), it is even not related to the culture of Muslims.
Therefore, it is better for men and women to give up this practice to avoid being suspected of imitating non-Muslims. The origin of this custom is from non-Muslims and we are ordered to oppose them.
Allah knows best.