"Exposure during ordinary wear to perspiration and household chemicals, like chlorine and hairspray, can cause buildup that dulls the surface of a diamond. We suggest periodic cleanings to keep the diamond brilliant and refractive."

"A solution of one part ammonia and six parts water can be used to clean diamond jewelry at home. If cleaning by hand, gentle scrubbing with a soft brush should loosen most dirt and greatly increase the brilliance of the diamond, but be careful not to scratch the metal of your setting. Once a year, it is a good idea to have your diamond cleaned and have the security of the setting checked."
Source(s):
http://www.bluenile.com/diamonds/diamond-care

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No, the diamond itself does not loose it's shine. But what can happen (and this applies to any stone) is that the setting and/or the stone can get dirty which dulls the shine of the stones. You can try and clean it yourself, but it is usually not expensive to take the piece to a jeweler to get it cleaned.
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