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Highly unlikely. 14K gold isn't going to net him much on a ring in terms of gold value. The diamond is the only thing that will carry the value, unless you find someone that legitimately wants the ring. Otherwise you're probably looking at 1000-1200 in value at most.
The only thing of value in that ring is the diamond, so I would probably take it to a diamond wholesaler, get it appraised, and see what you can get for it on jamesallen.com or something. I recently got engaged to the love of my life, so hearing this makes me sad.
Take out a Craigslist ad looking for a woman to date with this exact finger size. She won't know the importance until later, if things go well between you two.
People make mistakes..... But those mistakes are there sometimes to make them stronger and better in the end. I dont know who your wife is, I dont know how she was or if she is worth it but just think about what you are doing. We all make mistakes and when we mess things up the only thing that trully changes us is forgiveness. Jus think about it...