Several people (including myself) in my social circle ended up going the antique route the past few years -- There's a few shops in the area that specialize in antique (read: used) jewelry. My wife really wanted something with a unique/classic flair; was able to find the perfect ring that was made in the 1920s. The fact that we were sort of able to fantasize about the back story added to the allure.

This is what we did about 10 years ago (GenX), for a similar reason (wife wanted something unique). It was really fun going around antique shops looking for a ring -- and we're not really the "antiquing" types. Something to look into if you're looking for something different, particularly if you're in a city with a large neighborhood of antique shops.

EDIT: And to avoid misrepresenting my wife, I should add it was not a diamond ring (it's a pearl). My wife worked in African before we got married and would have nothing to do with diamonds.

I'm older than Gen Y and I have a sapphire ring. It's my birthstone and I always loved it.