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It's obvious that the shape of a ring is a circle. A circle has no beginning and no end. It's the shape of the sun and of the full moon. Ancient cultures used it as a symbol of perfection, unity and eternity. It's believed that the circle is where the tradition of the wedding ring might have gotten it's start.
The first engagement symbol wasn't a ring, but it's likely that the shape was translated into later versions of engagement symbols...including rings. According to most sources, the tradition started with the caveman. It's thought that the first engagement symbol was actually a woven cord of rushes and leather. It's said that this cord was used to tie the hands and feet of his mate so that she could not get away. Once he thought she would stay, he tied it around her hands. When fully assured she would stay with him, he tied a cord only around her finger. This is one theory of the use of rushes.
The other theory is that the two people were tied together with the corded rushes in the circular symbolism of unity.
Though the idea may be distasteful, slavery isn't an uncommon theory. Another theory is that the ring was like a miniature "slave band", which denoted that the woman was man's property. This was done, but it isn't likely that this started engagement rings in the Roman culture as it came about later. Slaves were forbidden to wear rings throughout the Roman Republic, but in later years iron rings denoted their status. Silver was worn by freed slaves. The wearing of gold rings was restricted in early years, but eventually they could be worn by all who were free.
This wasn't until Emperor Justinian that the restrictions on who could wear rings were lifted.
Another theory talks of the dowry or bride price. Once upon a time, marriages were arranged for a price. This much is a fact, there are real documents that speak of this exact practice. A number of them list the exact terms of the agreement and include the livestock, fabrics and other items that were traded for the bride.
It's thought that a ring may have been given as part of a bride price. Some of the documents mentioned above do include jewelry, rings or gold. Yet a determination of validity can't be based on this alone, especially when you consider that it is the bride that receives the ring. Which brings us to another theory. A ring may have been given to bride, either as a symbol of unity.
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