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person holding engagement ring
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Diamonds may last forever, but it seems their appeal can fade.

When it comes to splashing out on luxury goods, diamonds aren't making the cut anymore. Shoppers have shown a disdain for diamonds in recent years, according to Bloomberg, and they prefer spending extra funds on vacations, handbags and high-tech gadgets rather than high-end bling. The diminished demand for diamonds has result in a significant drop in prices compared to other luxury purchases.

Diamonds currently cost less than they did in 2006, while the prices of several other luxury items have risen at above-inflation rates, according to Forbes index of 40 luxe consumer goods.

Efforts by major diamond producing companies like De Beers and Alrosa PJSC to raise prices backfired last year when raw gem polishers were unable to pass those higher costs onto customers. This turn of events has led De Beers to lower prices by 15% in 2015 and another 7% in January, according to Bloomberg.

Calculate: Save now vs. save later

So if you're in the market for a little bling or perhaps were thinking of making the engagement plunge, right now is a prime time to snag a deal. Bear in mind that a diamond isn't the only pretty stone. Here's Money's list of seven classy and cheaper alternatives to diamonds.