Crown Jewelers is a nice local jewelry store in downtown Staunton. My husband (fiance at the time) looked for our wedding rings at this store, though it was outside of our budget. They had some really beautiful rings, earrings and necklaces.
We were told that during the summer they typically have a diamond sale, so if you're in the market for a diamond, keep your eyes and ears open for their summer sale!
They have a nice selection of antique jewelry as well - some strange pieces, but many quite beautiful!