Feng Shui-wise, a traditional ring with one diamond is the best, as it speaks of "the one and only", as well as because the feng shui energy of a bigger stone is stronger than that of a group of smaller ones.
One big diamond with little diamonds on the side is also good feng shui, much better than a ring with 3 diamonds. Three is not the best number for stones in the engagement ring design, just like a prominent humber three is to be avoided in a couple'e bedroom decor.
Even though many consider the fashion of giving diamond engagement rings coming from a very successful advertising campaign by De Beers; the fact is, diamond is the "king of stones" and is one of the strongest gemstones in nature.
The diamond has strong protective and healing properties, so it is a perfect symbol to express the love for a lifetime. The energy of it is considered to instill the aspect of trust and fidelity into one's relationship.
To answer your question about the wedding band that has 2 rings that are stack together, no, they are not considered to have bad feng shui.
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