A year ago, Blue Nile was a Wall Street darling as its stock traded above $80 and U.S. consumers, seemingly oblivious to signs of a slowing economy, shelled out thousands of dollars for diamond-engagement rings.
Now, Blue Nile’s stock is below $40, and consumers no longer are oblivious: In a conference call with analysts Tuesday, Blue Nile executives said consumers are trading down to less-expensive jewelry on its Web site amid tough economic conditions.
“Customers in the second quarter of 2008 on average bought smaller carat stones compared to a year ago,” said Chief Financial Officer Marc Stolzman…
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See also antique replica wedding rings