I have seen it go the other way. A young male friend of mine has fallen in love, and he took his girl to look at rings. Now she knows he hasn’t finished college (and neither has she) and she knows what he does to make ends meet, yet she still picked out a ring that cost $12,000. He managed to talk her down to a ring that cost $6500, but then realized he still couldn’t afford it. Then he panicked, worrying about what she would say or do if he told her she couldn’t have that ring.
I pointed out to him that if she loves him the way he thinks she does, then telling her honestly what he could afford would be the way to go. She would revise her expectations downward and love him all the more for being honest. Eventually, after stewing for a while, he did go talk to her about it, and they ended up choosing a ring within his means.
Personally, I actually think the smaller, less elaborate ring is much more attractive.
Just so, in your case you need to make it clear as to what you want for Christmas from him, but allow him to decide what he can afford. Most guys don’t get clues. They need stuff spelled out in big letters and simple phrases. For example:
He: What do you want for Christmas?
She: That silver ring that is third from the left in the first row.
He: Okay.