Peridot engagement rings? Absolutely! Diamonds may be a girl's best friend, but Peridot engagement rings are a unique, original, and a far more affordable choice. Once considered more valuable than diamonds, a peridot ring is a must have. This "gem of the sun" is the birthstone of August and is a beautiful match for the lush green tapestry of late summer. One of the oldest gemstones in history, garnet is the birthstone of January. Garnet rings have been popular since Victorian times, and are treasured for their deep red color.