not exact but similar. overstock has a great selection of kilim rugs but not so many black and white.

http://www.overstock.com/Home-Garden/Handmade-South-Hampton-Southwest-Black-Rug-5-x-8/5186923/product.html?rcmndsrc=2

Have you checked out Flor.com carpet tiles? Is the rug going on a hard surface? This one is bold and black and white, though maybe a little too far removed from what you have there:

http://www.flor.com/media/catalog/product/cache/1/thumbnail/1206x/9df78eab33525d08d6e5fb8d27136e95/Heros/1009-01-4.jpg

Oh yeah, a 5'x7' will set you back $160 or so, depending on the carpet you pick

Hmmm...that seems a little complicated to DIY. Someone made a DIY chevron rug a while ago that would give a similar effect, though. http://www.apartmenttherapy.com/sf/diy-chevron-rug-highheeled-foot-in-the-door-121199

Or you could do the Ikea black and white striped rug if the colors are really what you're going for. The 5x8 is $179: http://www.ikea.com/us/en/catalog/products/80104862

Closer to the pattern of the West Elm but grey and beige :
http://www.ikea.com/us/en/catalog/products/30141715

You could buy this ivory 5x7 Chenille Rug
from Uran Outfitters for $68 plus shipping:
http://www.urbanoutfitters.com/urban/catalog/productdetail.jsp?navAction=jump&isProduct=true&id=11945771

Then buy this diamond pattern wall stencil for $39:
http://www.homeartandfun.com/wpsi.html

And some Black stencil fabric paint for $6.50:
http://www.sunshinejoy.com/product/Stencil_Spray/SP3802005M/Black_Stencil_Spray_Fabric_Spray_Paint.html

And for about $114 plus labor - you'll have a DIY rug similar to the WE rug.

This has a smaller print but the look is very similar and it's only 116.99

http://www.overstock.com/Home-Garden/Hand-woven-Diamond-Black-Jute-Rug-5-x-8/5126000/product.html

You could find some African mud cloth in black and white and stitch it to heavy canvas backing and you'd have a DIY floor covering.

You could crochet something very similar if you know how and sew a muslin dropcloth in for backing if you wanted.

Would probably only cost about $40, but would take some time. You could put an alchemy request on Etsy as well.

The WE rug is "only" $230, and I rather doubt that there are many cheaper alternatives, much less etsy alchemy (etsy in general not being super-cheap). Unless you want to stalk craigslist, maybe.

Ikea's Erslev rug is a little cheaper, if you want a different base rug to DIY. Does chenille take spray-paint well?

I actually thought about painting the Erslev. They didn't have white last time I went (it's 2.5 hours away) but my MIL donated her old green one. I figure there's nothing to lose with a $30 hand me down, so I totally intend to try it out.

Camila @ High Heeled Foot in the Door used fabric spray paint on her curtains (http://high-heelfootinthedoor.blogspot.com/2009/09/seeing-stripes-diy-curtains.html), and I'm thinking about trying that, because fabric dye seems entirely too difficult for something that size.

Rugs are pricey, but you can usually find 5x8's at pretty reasonable prices. I know, cause I need an 8x10 and always think, "if only I could use a 5x8." Check CSN or Overstock, but you'll be paying at LEAST $100 for any type of semi quality rug. I say grab a $30 IKEA rug, test out some fabric paints, and save for the west elm one. $230 isn't all that bad. Ask for gift cards for christmas...

I agree with a few above. If its really 230, that's a bargain basement price for a rug. Honestly with all the foot traffic a rug gets I wouldn't try any DIY for a rug. Im sure it looks great right after you stencil it; but what about a few months down the road? Id buy it or I wouldn't bother.

It will be fun! sincerely, mary

Dash and Albert has a beautiful stripe black and white rug in both sizes. Not dirt cheap but affordable for sure.

Save your money and wait for it to go on sale when WE discontinues the rug in a few months...
...because you know it will be eventually.

That's a totally do-able DIY project. (And a fun one too, I think). Ikea has large plain rugs for pretty inexpensive.

Here's one, just for example... http://www.ikea.com/us/en/catalog/products/40086172

Get some fabric paint. Make a pattern/template out of some masking tape on the rug and then paint! I made a very large curtain this way and it looks great.

And then you can save your money for buying the carpet you really like. Or you might fall in love with the one you made and the reaction you get when you tell people you hand-crafted it!

Hello,
I have this rug and i love it!!!!
http://www.dashandalbert.com/product/view/diamond-black-ivory-indoor-outdoor--RDB170

I'm actually looking at this exact same rug, coincidentally enough. Loving the responses. I have to say, though, that while the price tag is a lot for those of us on tight budgets, it is a good price for a rug. Even some rugs at IKEA will run you higher than this one. Does anyone have any experience with West Elm rugs/textiles?

@ SarahBerneche- My best friend and her fiance recently bought a shag rug from WE and she says it shreds all over the place. They don't have pets or anything. She called WE and they said it's normal and she needs to vacuum it daily, which is kind of a bummer.

The dash&albert rug, while nice and v. similar, is not cheaper than the WE rug (for the 6x9, which is the size that would apply).

I'm not sure I was all that clear about it earlier, but personally I feel that unless she can find an exact clone, or a rug she likes better, for significantly less, then she's better off just saving her pennies and getting this rug since it is fairly cheap for a rug (even if she doesn't have $250 to just throw around). (Or stalk craigslist, or wait for a sale, etc.)

@manditra
I don't think shedding will be a huge problem, since your friends' rug is a shag and this is a flatweave. But it is my understanding that wool rugs with pile *do* shed for a while, and you're supposed to just vaccuum regularly, and after a while it kind of stops, so it's not just WE or anything. Lots of reviews for wool rugs on overstock will have some comment about shedding.

Wow... thanks so much everyone! There's so many great links for me to go through and research.

For the DIY suggestions, I looked at the IKEA Erslev rug for a possible DIY, but after checking the rug out at my local IKEA, the completely flat-weave rug would feel very odd over my high-pile carpeting. I'm planning on checking out local stores for a chenille rug to see if that might be something I could have in my living room.

@manditra, @lepidoptery, @matt - it's definitely helpful to know that $230 isn't a bad price for a rug that size. I think you are right in that I'm probably not going to get quite the same effect as the WE rug if I try to DIY it, as opposite to how good a rehabbed/repainted end table or small furniture looks after a DIY.

After reading all the comments, I think I'm leaning towards saving my bucks for the 5x7 WE rug, and attempting a smaller DIY for my round dining area or my desk.

Thanks, all!