<SUBMISSION>
<ACCESSION-NUMBER>0000950134-07-019129
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20070823
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20070828
<DATE-OF-FILING-DATE-CHANGE>20070828
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BLUE NILE INC
<CIK>0001091171
<ASSIGNED-SIC>5944
<IRS-NUMBER>911963165
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-50763
<FILM-NUMBER>071084350
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>705 FIFTH AVE S
<STREET2>STE 900
<CITY>SEATTLE
<STATE>WA
<ZIP>98104
<PHONE>2063366700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>705 FIFTH AVE S
<STREET2>STE 900
<CITY>SEATTLE
<STATE>WA
<ZIP>98104
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INTERNET DIAMONDS INC
<DATE-CHANGED>20000131
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v33350e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>August&nbsp;23, 2007<BR>
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BLUE NILE, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">DELAWARE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">000-50763
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1963165</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(STATE OR OTHER JURISDICTION <BR>
OF INCORPORATION)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(COMMISSION FILE<BR>
NUMBER)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. EMPLOYER<BR>
IDENTIFICATION NO.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">705 FIFTH AVENUE SOUTH, SUITE 900, SEATTLE, WASHINGTON, 98104<BR>
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(206)&nbsp;336-6700<BR>
REGISTRANT&#146;S TELEPHONE NUMBER, INCLUDING AREA CODE
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">N/A<BR>
(FORMER NAME OR FORMER ADDRESS IF CHANGED SINCE LAST REPORT)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000"><FONT style="font-variant: SMALL-CAPS">Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33350exv10w1.htm">EXHIBIT 10.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v33350exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "<FONT style="font-variant: SMALL-CAPS">Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT>" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5.02 (c)&nbsp;Appointment of Principal Financial Officer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;28, 2007, Blue Nile, Inc. (&#147;Blue Nile&#148;) announced that Robin Easton, age 41, was named
Blue Nile&#146;s Chief Financial Officer effective upon his commencement of employment with Blue Nile,
which is expected to begin on September&nbsp;10, 2007. A copy of the press release announcing the
hiring of Easton as Chief Financial Officer is attached hereto as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Easton joins Blue Nile from PACCAR Inc, a truck design, distribution and manufacturing company,
where he has been Treasurer since February&nbsp;2007 and served as
Assistant Treasurer from September
2004 to January&nbsp;2007. From August&nbsp;2001 to August&nbsp;2004, Easton served as Director of Global
Treasury Operations at Applied Materials, Inc., a supplier of products and services to the
semiconductor industry. From September&nbsp;1998 to April&nbsp;2001, Easton served as the Vice President and
Global Treasury Services Consultant for Bank of America, NA, a financial institution. From 1992 to
1998, Easton served in various capacities at Inchcape PLC, an automotive retailer, most recently
serving as the company&#146;s Regional Treasurer for Asia Pacific. Easton holds a B.S. in management
science from the London School of Economics and Political Science and an M.B.A. in finance from the
Cass Business School at the City University in London.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to Easton&#146;s offer letter, Easton will receive an annual base salary of $200,000 and is
eligible to receive a pro-rated target annual incentive bonus of $100,000 for fiscal year
2007 (employment for a partial month will be calculated for purposes of the annual bonus as if
employed for the full month). This bonus award can range from 0% to 200% of the target depending
upon on Blue Nile&#146;s performance and Easton&#146;s individual performance against key objectives
established by Blue Nile&#146;s Compensation Committee. The individual performance objectives
applicable to Easton&#146;s bonus have not yet been established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Easton will be granted the greater of: (1)&nbsp;a non-statutory stock option to
purchase 30,000 shares of common stock of the Company; or (2)&nbsp;a non-statutory stock option valued
at $925,000 on the date of grant (Easton&#146;s start date), such value to be calculated based upon the
Company&#146;s per share Black-Scholes methodology for expensing its stock options (utilizing the
assumptions the Board or Subcommittee thereof determines at or before the date of grant). The
exercise price of his option will be the closing sales price as quoted on the NASDAQ National
Market on the last market trading day prior to Easton&#146;s start date. His options will vest over 4
years, with one fourth (1/4) of the shares subject to the option vesting on the first year
anniversary of his start date and one forty-eighth (1/48) of the shares subject to the option
vesting each month thereafter. Easton&#146;s stock option grant will be issued under our 2004 Equity
Incentive Plan (the &#147;Plan&#148;) and will be subject to the terms and conditions of such Plan and the
award agreement associated with such grant. The Plan was previously filed with the Securities and
Exchange Commission as an Exhibit to Blue Nile&#146;s Form S-1 Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Easton will be eligible to participate in our standard benefits package, including medical and
dental plans, life insurance and disability coverage, as well as our 401(k) Retirement Savings
Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The summary of the material terms of the offer letter set forth above is qualified in its entirety
by reference to the offer letter, a copy of which is attached hereto as Exhibit&nbsp;10.1 and
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blue Nile will enter into an indemnity agreement with Easton. This indemnity agreement will
provide, among other things, that Blue Nile will indemnify Easton, under the circumstances and to
the extent provided for in the agreement, for expenses, witness fees, damages, judgments, fines and
amounts paid in settlement and any other amount he may be required to pay because of any claims
made against him or by him in connection with any action, suit or proceeding which he is or may be
made a party to by reason of his position as an officer or other agent of Blue Nile, and otherwise
to the full extent permitted under Delaware law and our bylaws. A form of indemnity agreement was
previously filed with the Securities and Exchange Commission as an Exhibit to Blue Nile&#146;s Form S-1
Registration Statement.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.02 (b)&nbsp;Resignation of Principal Financial Officer</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective upon the commencement of Easton&#146;s employment with Blue Nile, Diane Irvine, Blue Nile&#146;s
President and Chief Financial Officer, will resign her position as Chief Financial Officer. Ms.
Irvine will continue in her role as Blue Nile&#146;s President.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.02 (b)&nbsp;Resignation of Director</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;23, 2007, Anne Saunders informed the Company of her intention to resign from its Board of
Directors due to the demands of her new role at Bank of America. The effective date of Ms.
Saunders&#146;s resignation has yet to be determined.
</DIV>

<!-- link2 "ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NUMBER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DESCRIPTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offer Letter between Blue Nile, Inc. and Robin Easton</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated August&nbsp;28,
2007 Announcing Robin Easton as the New Chief Financial Officer</TD>
</TR>




<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BLUE NILE, INC. <BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Diane M. Irvine
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Diane M. Irvine                                   &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Financial Officer<br>
(Principal Accounting and Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: August&nbsp;28, 2007
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v33350exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;20, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Robin Easton<BR>
1509 85th Avenue NE<BR>
Clyde Hill, WA 98004

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Robin,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On behalf of Blue Nile, Inc. (the &#147;Company&#148;), I am pleased to offer you the position of Chief
Financial Officer, reporting to Diane Irvine. The terms of your relationship with the Company will
be as indicated herein.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Position</U>. You will become the Chief Financial Officer for the Company. As
such, you will have responsibilities as determined by the President.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Base Salary</U>. You will be paid a monthly salary of $16,667 less payroll
deductions and all required withholdings, which represents an annualized rate of $200,000.
Your wage will be payable in accordance with the Company&#146;s standard payroll policies. The
Company may modify your compensation from time to time as it deems necessary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Performance Bonus</U>. You will be paid an annual performance bonus with a target
payout of $100,000. Your performance bonus can range from 0% to 200% of target based on
the performance of the Company and your individual performance against key objectives.
This bonus amount will be prorated for 2007 based on the number of months you are employed
by the Company (employment for a partial month will be calculated as if employed for the
full month).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Options</U>. We will recommend to the Board of Directors or Subcommittee
thereof, that you be granted the greater of: (1)&nbsp;a non-statutory stock option to purchase
30,000 shares of common stock of the Company; or (2)&nbsp;a non-statutory stock option valued at
$925,000 on the date of grant (your starting date), such value to be calculated based upon
the Company&#146;s per share Black-Scholes methodology for expensing its stock options
(utilizing the assumptions the Board or Subcommittee determines at or before the date of
grant). The exercise price of your stock option will be the closing sales price (or the
closing bid, if no sales were reported) as quoted on the NASDAQ National Market on the last
market trading day prior to the date of grant. One fourth (1/4) of the shares subject to
such option will vest on the first year anniversary of your hire date and one forty-eighth
(1/48) of the shares subject to such option will vest each month thereafter as long as your
employment continues with the Company. The Company&#146;s 2004 Equity Incentive Plan, the Grant
Notice and the Stock Option Agreement shall govern the terms of this option grant in all
respects.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Benefits</U>. You will be eligible to receive healthcare and dental benefits, life
and disability insurance, transportation allowance, and a 401(k) plan effective on the
first of the month following your date of hire. The Company may modify your benefits from
time to time as it deems necessary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Standard Employee Agreement</U>. As a condition to your employment, you are
required to sign and comply with the Company&#146;s standard Employee Nondisclosure, Proprietary
Information, Inventions, Nonsolicitation and Noncompetition Agreement relating to the
protection of the Company&#146;s proprietary and confidential information and assignment of
inventions. In addition, you will be required to abide by the Company&#146;s strict policy that
prohibits any new employee from using or bringing with him or her from any previous
employer any confidential information, trade secrets, or proprietary materials or processes
of such former employer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Employee Handbook</U>. As a Company employee, you will be expected to abide by the
Company&#146;s rules and </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>standards. You further understand that you will be required to
acknowledge and sign that you have received a copy of the Company&#146;s Employee Handbook and
that you understand the Company&#146;s policies set forth in the Company&#146;s Employee Handbook.</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Federal Immigration Law</U>. For purposes of federal immigration law, you will be
required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such documentation must be provided to us within
three (3)&nbsp;business days of your date of hire, or our employment relationship with you may
be terminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>At-Will Employment</U>. Your employment is at-will, as defined under applicable
law. This means you may voluntarily quit at any time, for any reason or for no reason,
simply by notifying the Company. Likewise, the Company may terminate your employment at
any time, for any reason or for no reason, with or without cause or advance notice. This
at-will employment relationship cannot be changed except in a writing signed by a Company
officer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Entire Agreement</U>. This Agreement, together with your Employee Nondisclosure,
Proprietary Information, Inventions, Nonsolicitation and Noncompetition Agreement,
constitutes the complete and exclusive statement of your employment agreement with the
Company. The employment terms in this letter supersede any other agreements or promises
made to you by anyone, whether written or oral.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Start Date</U>. To be determined.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Again, let me indicate how pleased we all are to extend this offer, and how much we look forward to
working together. Please indicate your acceptance by signing and returning the enclosed copy of
this letter.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Very truly yours,<BR>
<FONT style="font-variant: SMALL-CAPS"><B>Blue Nile Inc.</B></FONT><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Mark Vadon</I>
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Mark Vadon, CEO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing terms and conditions are hereby accepted:
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
<TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>


<TR>
    <TD align="left">Signed:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Robin Easton</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Robin Easton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 8pt">Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>8/20/2007&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v33350exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="v33350v3335000.gif" alt="(BLUE NILE LOGO)">
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FOR IMMEDIATE RELEASE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>BLUE NILE NAMES ROBIN EASTON AS</B></U><BR>
<U><B>NEW CHIEF FINANCIAL OFFICER</B></U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>SEATTLE, AUGUST 28, 2007 </B>&#151; Blue Nile, Inc. (NASDAQ: NILE) today announced that Robin Easton will
join the Company as Chief Financial Officer, beginning on September&nbsp;10, 2007. Easton, who brings
with him extensive corporate finance and treasury experience, will have responsibility for the
Company&#146;s financial operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are delighted to welcome Robin to Blue Nile,&#148; said Diane Irvine, who has served as Blue Nile&#146;s
CFO since 1999. &#147;Robin&#146;s leadership skills and depth of finance experience will be tremendous
assets to the Company as we continue to grow our business both domestically and internationally,&#148;
said Irvine. Following Easton&#146;s arrival, Irvine will fully transition to her new role as
President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;I am excited about joining a Company that is the market leader and has great opportunities for
future growth. I look forward to working with the Blue Nile team and contributing to the Company&#146;s
continued growth and success,&#148; said Easton.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Easton joins Blue Nile from PACCAR Inc, a Fortune 500 company, where he is Treasurer. Easton is
responsible for PACCAR&#146;s global treasury operations, capital structuring, risk management and
investor relations. Easton previously served as Director of Global Treasury Operations at Applied
Materials, Inc., the global leader in nanomanufacturing technology solutions. Easton also
previously served as Vice President and Global Treasury Services Consultant at Bank of America in
London and as Regional Treasurer for Asia Pacific at Inchcape PLC, a global automotive retailer, in
Singapore.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Easton holds an M.B.A. in Finance from Cass Business School at City University in London and a B.S.
in Management Science from the London School of Economics and Political Science.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Blue Nile, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Founded in 1999, Blue Nile is the leading online retailer of diamonds and fine jewelry. It has
built a well respected brand by providing consumers with a better way to buy diamonds and fine
jewelry. Blue Nile has established some of the highest quality standards in the industry and
provides consumers with in-depth educational materials and unique online tools that place consumers
in control of the jewelry shopping process. The Blue Nile websites showcase thousands of
independently certified diamonds and fine jewelry at prices significantly below traditional retail.
Blue Nile can be found online at <U>www.bluenile.com</U>, <U>www.bluenile.ca</U> and
<U>www.bluenile.co.uk</U>. Blue Nile&#146;s shares are traded on the Nasdaq Stock Market LLC under the
symbol NILE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Contact:</B><BR>
Blue Nile, Inc.<BR>
Nancy Shipp, (Investors) 206.388.3136<BR>
<U>nancys@bluenile.com </U><BR>
or<BR>
John Baird, (Media) 206.336.6755<BR>
<U>johnb@bluenile.com </U>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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