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return it!!!
What the hell is an op
F.A.B.
Dude, my engagement ring didn't even cost $400 (and its a nice emerald and diamond ring). Spending that much money on a chick that you haven't even gotten to the "I love you" stage with is a bit much. It makes it look like you're trying to buy her love (or your way into her pants). Either way, it didn't work so chalk it up to life experience, see about returning the stuff, and remember this lesson for next time.
$400 for an engagement ring is pretty cheap... I would have said no.
Actually, unlike most females, I have never wanted a diamond engagement ring. Mine is a very beautiful 14k white gold, emerald with diamond accents and is actually a bigger stone than most of my friends' diamonds. Exactly what I wanted and didn't break the bank as well.... win-win sitution IMO
Keywords
Spending that much proves that you ARE too attached. Or too rich, in which case she's a fool for not hanging on :P
Depends how long he's been in the relationship. $400 is an awful lot to be spending on someone you've been seeing for less than a year.