Blue Nile Basics

Forbes.com has a great profile of Blue Nile, an online jewelry retailer that reached revenue of $252 million in 2006, and recently sold a diamond online (the company has no retail stores) for $1.5 million. During the third quarter 2007, ending Sept. 30, the company's sales jumped to $67.4 million from $53.2 million a year ago. Blue Nile, which has been discussed in the media quite a bit, sold more engagement rings last year than Tiffany & Co. did. The famed blue-boxed retailer does not sell engagement rings over the Internet. The article is brief, but touches on the company's history and the way it is revolutionizing the way consumers buy jewelry online.

What are your thoughts on Blue Nile? Are they affected the online jewelry industry for the better? Or does it take away from the in-person experience of buying jewelry?