Yes, Moissanites have become more popular over the last few years achieving a diamond look and a much lower cost.
They are a great option for very limited budgets.
Moissanite is Silicone carbide mainly produced in a lab.
It is a extremely sparkly material and rated 9.25 on mohs scale. (Mohs scale is how gemstone hardness is graded diamonds being 10 and sapphires being 9)