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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">

<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on May&nbsp;20,
2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration No.&nbsp;333-
<BR><BR>
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<HR size="1" noshade color="#000000" style="margin-top: -10px">

<DIV align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>

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

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center">

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 12pt">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center"></DIV>

<P align="center" style="font-size: 24pt"><B>Blue Nile, Inc.</B>

<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%">
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    <TD width="32%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1963165</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center">

<P align="center" style="font-size: 10pt">705 Fifth Avenue S, Suite #900<BR>
Seattle, WA 98104<BR>
(206)&nbsp;336-6700<BR>
(Address of principal executive offices)

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center">

<P align="center" style="font-size: 10pt">2004 Equity Incentive Plan<BR>
2004 Non-Employee Directors&#146; Stock Option Plan<BR>
2004 Employee Stock Purchase Plan<BR>
1999 Equity Incentive Plan<BR>
(Full title of the plans)

<P align="center" style="font-size: 10pt">Mark C. Vadon<BR>
President and Chief Executive Officer<BR>
Blue Nile, Inc.<BR>
705 Fifth Avenue S, Suite #900<BR>
Seattle, WA 98104<BR>
(206)&nbsp;336-6700<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center">

<P align="center" style="font-size: 10pt">Copies to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Mark P. Tanoury</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Patrick J. Schultheis</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">John M. Geschke</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Christian E. Montegut</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Gordon K. Ho</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Wilson Sonsini Goodrich &#038; Rosati</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Cooley Godward LLP</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Professional Corporation</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Five Palo Alto Square</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5300 Carillon Point</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">3000 El Camino Real</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Kirkland, Washington 98033</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Palo Alto, CA 94306</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(425) 576-5800</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(650) 843-5000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><HR size="1" noshade width="18%" align="center">

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

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

<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>to be Registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be Registered (1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price per Share (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B><HR size="1" noshade></TD>
</TR>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock, par value
$0.001 per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">5,461,328 shares</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right" nowrap>3.98&#150; $20.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87,155,285.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,042.57</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<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="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416(a), this Registration Statement shall also cover any
additional shares of Registrant&#146;s Common Stock that become issuable under
the plans by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without receipt of consideration
that increases the number of outstanding shares of Registrant&#146;s Common
Stock. In addition, pursuant to Rule 416(c) under the Securities Act,
this Registration Statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the employee and non-employee
benefit plans described herein.</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the amount of the
registration fee pursuant to Rule&nbsp;457(h). The price per share and
aggregate offering price are based upon the (a)&nbsp;the weighted average
exercise price for outstanding options granted pursuant to the
Registrant&#146;s 1999 Equity Incentive Plan and (b)&nbsp;the initial public
offering price of the Registrant&#146;s Common Stock.</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">The chart below details the calculations of the registration fee:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Securities</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering Price</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Shares reserved for future grant under the 2004 Equity Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,560,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">20.50</TD>
    <TD nowrap>(2)(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">52,480,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Shares reserved for future grant under the 2004 Non-Employee
Directors&#146; Stock Option Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">20.50</TD>
    <TD nowrap>(2)(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Shares reserved for future grant under the 2004 Employee Stock
Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">20.50</TD>
    <TD nowrap>(2)(b)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Shares issuable pursuant to outstanding options under the 1999
Equity Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">3.98</TD>
    <TD nowrap>(2)(a)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,975,285.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Proposed Maximum Offering Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">87,155,285.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Registration Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,042.57</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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<!-- 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">
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	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99265orexv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99265orexv23w1.txt">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by Blue Nile, Inc. (the &#147;Company&#148;) with the
Securities and Exchange Commission are incorporated by reference into this
Registration Statement:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s prospectus filed on May&nbsp;20, 2004 pursuant to Rule 424(b)
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), relating
to the registration statement on Form S-1 (File No.&nbsp;333-113494), that contains
audited financial statements for the Company&#146;s latest fiscal year for which
such statements have been filed.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Company&#146;s Common Stock which is contained in a
registration statement on Form 8-A filed on May&nbsp;13, 2004 (File No.&nbsp;000-50793)
under the Exchange Act, including any amendment or report filed for the purpose
of updating such description.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents subsequently filed by the Company pursuant
to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part of this
registration statement from the date of the filing of such reports and
documents.

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<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INTERESTS OF NAMED EXPERTS AND COUNSEL</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the issuance of the common stock offered by this
prospectus and certain other legal matters are being passed upon for us by our
counsel, Cooley Godward LLP, Palo Alto, California. As of the date of this
prospectus, Cooley Godward LLP beneficially owned 12,480 shares of our common
stock.

<!-- link1 "INDEMNIFICATION OF DIRECTORS AND OFFICERS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our restated certificate of incorporation contains provisions limiting the
liability of directors to the fullest extent permitted by Delaware law.
Delaware law provides that a director will not be personally liable to us or to
our stockholders for monetary damages for any breach of fiduciary duty as a
director, but will continue to be subject to liability for the following:

<P>
<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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of the director&#146;s duty of loyalty to us or to our stockholders;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unlawful payment of dividends or unlawful stock repurchases or redemptions; and</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any transaction from which the director derived an improper personal benefit.</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Delaware law is amended to authorize corporate action further
eliminating or limiting the personal liability of a director, then the
liability of our directors will be eliminated or limited to the fullest extent
permitted by Delaware law, as so amended. Our restated certificate of
incorporation does not eliminate a director&#146;s duty of care and, in appropriate
circumstances, equitable remedies such as injunctive or other forms of
non-monetary relief remain available under Delaware law. Our restated
certificate of incorporation does not affect a director&#146;s responsibilities
under any other laws, such as the federal securities laws or state or federal
environmental laws.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have entered into agreements to indemnify our directors
and executive officers to the fullest extent permitted under Delaware law,
including the non-exclusivity provisions of Delaware law, and our bylaws,
subject to limited exceptions. These agreements, among other things, provide
for indemnification of our directors and executive officers for fees, expenses,
judgments, damages, fines, and settlement amounts incurred by any of these
persons in any action or proceeding to which any of those persons is, or is
threatened to be, made a party by reason of the person&#146;s service as a director
or executive officer, including any action by us, arising out of that

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">person&#146;s services as our director or executive officer or that person&#146;s
services provided to any other company or enterprise at our request. We
believe that these bylaw provisions and agreements are necessary to attract and
retain qualified persons as directors and officers. We also intend to maintain
liability insurance for our officers and directors.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBITS</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Cooley Godward LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.1.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 1999 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.1.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 1999 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.2.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Non-Employee Directors&#146; Stock Option Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.2.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Non-Employee Directors&#146; Stock Option Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.3*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Employee Stock Purchase Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.4.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.4.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Cooley Godward LLP is contained in Exhibit&nbsp;5.1 to this Registration Statement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">24.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney is contained on the signature pages.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Documents incorporated by reference from the Company&#146;s Registration
Statement of Form S-1, as amended (333-113494), originally filed with the
Commission on March&nbsp;11, 2004.</TD>
</TR>
</TABLE>

<!-- link1 "UNDERTAKINGS" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center" style="font-size: 10pt"><B>UNDERTAKINGS</B>

<P align="left" style="font-size: 10pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(i)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by section 10(a)(3) of the
Securities Act;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(ii)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) (&#167; 230.424(b) of this
chapter) if, in the aggregate, the changes in volume and price represent no
more than a 20%

<P align="center" style="font-size: 10pt">4
</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">
<P align="left" style="font-size: 10pt">change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration
statement.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(iii)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however, </I>that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the issuer pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by
reference herein.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

<P align="left" style="font-size: 10pt"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

<P align="left" style="font-size: 10pt"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.

<P align="center" style="font-size: 10pt">5
</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 "SIGNATURES" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Seattle, State of Washington, on May&nbsp;20, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BLUE NILE, INC.</B></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>
    <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>
    <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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark C. Vadon</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD colspan="2" align="left" valign="top"><HR size="1" noshade>&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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:28px;text-indent:-10px">Mark C. Vadon</DIV></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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:28px;text-indent:-10px">President and Chief Executive Officer</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that each person whose signature
appears below constitutes and appoints Mark C. Vadon and Diane M. Irvine and
each of them acting alone, as his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
connection therewith, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their or his substitutes or substitute, may
lawfully do or cause to be done by virtue hereof.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.

<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="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark C. Vadon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="center" valign="top">President, Chief Executive Officer and Director (Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Mark C. Vadon</DIV></TD>
    <TD>&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Diane M. Irvine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="center" valign="top">Chief Financial Officer and Director (Principal Financial and Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Diane M. Irvine</DIV></TD>
    <TD>&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joseph Jimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Joseph Jimenez</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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

<P>
<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="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joanna A. Strober</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Joanna A. Strober</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Augustus O. Tai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Augustus O. Tai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mary Alice Taylor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Mary Alice Taylor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Brian P. McAndrews</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;20, 2004</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Brian P. McAndrews</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Cooley Godward LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.1.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 1999 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.1.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 1999 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.2.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Non-Employee Directors&#146; Stock Option Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.2.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 2004 Non-Employee Directors&#146; Stock Option Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.3*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Employee Stock Purchase Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.4.1*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Blue Nile, Inc. 2004 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">10.4.2*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Equity Incentive Plan.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">23.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Cooley Godward LLP is contained in Exhibit&nbsp;5.1 to this Registration Statement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">24.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney is contained on the signature pages.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Documents incorporated by reference from the Company&#146;s Registration
Statement of Form S-1, as amended (333-113494), originally filed with the
Commission on March&nbsp;11, 2004.</TD>
</TR>
</TABLE>

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[{"type": "S-8", "sequence": "1", "filename": "f99265orsv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 48888}]
{"company-data": {"conformed-name": "BLUE NILE INC", "cik": "0001091171", "assigned-sic": "5944", "irs-number": "911963165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115700", "film-number": "04822154"}, "business-address": {"street1": "705 FIFTH AVE S", "street2": "STE 900", "city": "SEATTLE", "state": "WA", "zip": "98104", "phone": "2063366700"}, "mail-address": {"street1": "705 FIFTH AVE S", "street2": "STE 900", "city": "SEATTLE", "state": "WA", "zip": "98104"}, "former-company": {"former-conformed-name": "INTERNET DIAMONDS INC", "date-changed": "20000131"}}
sv8
Table of Contents
As filed with the
Securities and Exchange Commission on May 20,
2004        Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Blue Nile, Inc.
(Exact name of registrant as specified in its charter)
Delaware
91-1963165
(State of Incorporation)
(I.R.S. Employer Identification No.)
705 Fifth Avenue S, Suite #900
Seattle, WA 98104
(206) 336-6700
(Address of principal executive offices)
2004 Equity Incentive Plan
2004 Non-Employee Directors' Stock Option Plan
2004 Employee Stock Purchase Plan
1999 Equity Incentive Plan
(Full title of the plans)
Mark C. Vadon
President and Chief Executive Officer
Blue Nile, Inc.
705 Fifth Avenue S, Suite #900
Seattle, WA 98104
(206) 336-6700
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Mark P. Tanoury
Patrick J. Schultheis
John M. Geschke
Christian E. Montegut
Gordon K. Ho
Wilson Sonsini Goodrich & Rosati
Cooley Godward LLP
Professional Corporation
Five Palo Alto Square
5300 Carillon Point
3000 El Camino Real
Kirkland, Washington 98033
Palo Alto, CA 94306
(425) 576-5800
(650) 843-5000
Table of Contents
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Offering
Aggregate
Amount of
to be Registered (1)
Amount to be Registered (1)
Price per Share (2)
Offering Price (2)
Registration Fee
Common Stock, par value
$0.001 per share
5,461,328 shares
$
3.98– $20.50
$
87,155,285.44
$
11,042.57
(1)
Pursuant to Rule 416(a), this Registration Statement shall also cover any
additional shares of Registrant's Common Stock that become issuable under
the plans by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without receipt of consideration
that increases the number of outstanding shares of Registrant's Common
Stock. In addition, pursuant to Rule 416(c) under the Securities Act,
this Registration Statement also covers an indeterminate amount of
interests to be offered or sold pursuant to the employee and non-employee
benefit plans described herein.
(2)
Estimated solely for the purpose of calculating the amount of the
registration fee pursuant to Rule 457(h). The price per share and
aggregate offering price are based upon the (a) the weighted average
exercise price for outstanding options granted pursuant to the
Registrant's 1999 Equity Incentive Plan and (b) the initial public
offering price of the Registrant's Common Stock.
The chart below details the calculations of the registration fee:
Securities
Number of Shares
Offering Price Per Share
Aggregate Offering Price
Shares reserved for future grant under the 2004 Equity Incentive Plan
2,560,000
$
20.50
(2)(b)
$
52,480,000
Shares reserved for future grant under the 2004 Non-Employee
Directors' Stock Option Plan
400,000
$
20.50
(2)(b)
$
8,200,000
Shares reserved for future grant under the 2004 Employee Stock
Purchase Plan
1,000,000
$
20.50
(2)(b)
$
20,500,000
Shares issuable pursuant to outstanding options under the 1999
Equity Incentive Plan
1,501,328
$
3.98
(2)(a)
$
5,975,285.44
Proposed Maximum Offering Price
$
87,155,285.44
Registration Fee
$
11,042.57
TABLE OF CONTENTS
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
INTERESTS OF NAMED EXPERTS AND COUNSEL
INDEMNIFICATION OF DIRECTORS AND OFFICERS
EXHIBITS
UNDERTAKINGS
SIGNATURES
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents filed by Blue Nile, Inc. (the "Company") with the
Securities and Exchange Commission are incorporated by reference into this
Registration Statement:
(a)
The Company's prospectus filed on May 20, 2004 pursuant to Rule 424(b)
under the Securities Act of 1933, as amended (the "Securities Act"), relating
to the registration statement on Form S-1 (File No. 333-113494), that contains
audited financial statements for the Company's latest fiscal year for which
such statements have been filed.
(b)
The description of the Company's Common Stock which is contained in a
registration statement on Form 8-A filed on May 13, 2004 (File No. 000-50793)
under the Exchange Act, including any amendment or report filed for the purpose
of updating such description.
All reports and other documents subsequently filed by the Company pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing
of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference herein and to be a part of this
registration statement from the date of the filing of such reports and
documents.
INTERESTS OF NAMED EXPERTS AND COUNSEL
The validity of the issuance of the common stock offered by this
prospectus and certain other legal matters are being passed upon for us by our
counsel, Cooley Godward LLP, Palo Alto, California. As of the date of this
prospectus, Cooley Godward LLP beneficially owned 12,480 shares of our common
stock.
INDEMNIFICATION OF DIRECTORS AND OFFICERS
Our restated certificate of incorporation contains provisions limiting the
liability of directors to the fullest extent permitted by Delaware law.
Delaware law provides that a director will not be personally liable to us or to
our stockholders for monetary damages for any breach of fiduciary duty as a
director, but will continue to be subject to liability for the following:
•
any breach of the director's duty of loyalty to us or to our stockholders;
•
acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;
•
unlawful payment of dividends or unlawful stock repurchases or redemptions; and
•
any transaction from which the director derived an improper personal benefit.
If Delaware law is amended to authorize corporate action further
eliminating or limiting the personal liability of a director, then the
liability of our directors will be eliminated or limited to the fullest extent
permitted by Delaware law, as so amended. Our restated certificate of
incorporation does not eliminate a director's duty of care and, in appropriate
circumstances, equitable remedies such as injunctive or other forms of
non-monetary relief remain available under Delaware law. Our restated
certificate of incorporation does not affect a director's responsibilities
under any other laws, such as the federal securities laws or state or federal
environmental laws.
In addition, we have entered into agreements to indemnify our directors
and executive officers to the fullest extent permitted under Delaware law,
including the non-exclusivity provisions of Delaware law, and our bylaws,
subject to limited exceptions. These agreements, among other things, provide
for indemnification of our directors and executive officers for fees, expenses,
judgments, damages, fines, and settlement amounts incurred by any of these
persons in any action or proceeding to which any of those persons is, or is
threatened to be, made a party by reason of the person's service as a director
or executive officer, including any action by us, arising out of that
Table of Contents
person's services as our director or executive officer or that person's
services provided to any other company or enterprise at our request. We
believe that these bylaw provisions and agreements are necessary to attract and
retain qualified persons as directors and officers. We also intend to maintain
liability insurance for our officers and directors.
EXHIBITS
Exhibit
Number
5.1
Opinion of Cooley Godward LLP.
10.1.1*
Blue Nile, Inc. 1999 Equity Incentive Plan.
10.1.2*
Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 1999 Equity Incentive Plan.
10.2.1*
Blue Nile, Inc. 2004 Non-Employee Directors' Stock Option Plan.
10.2.2*
Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Non-Employee Directors' Stock Option Plan.
10.3*
Blue Nile, Inc. 2004 Employee Stock Purchase Plan.
10.4.1*
Blue Nile, Inc. 2004 Equity Incentive Plan.
10.4.2*
Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Equity Incentive Plan.
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Cooley Godward LLP is contained in Exhibit 5.1 to this Registration Statement.
24.1
Power of Attorney is contained on the signature pages.
*
Documents incorporated by reference from the Company's Registration
Statement of Form S-1, as amended (333-113494), originally filed with the
Commission on March 11, 2004.
UNDERTAKINGS
1.
The undersigned registrant hereby undertakes:
(a)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the
Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) (§ 230.424(b) of this
chapter) if, in the aggregate, the changes in volume and price represent no
more than a 20%
4
Table of Contents
change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration
statement.
(iii)
To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
Provided, however,
that paragraphs (a)(i) and (a)(ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the issuer pursuant to
section 13 or section 15(d) of the Exchange Act that are incorporated by
reference herein.
(b)
That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c)
To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
2.
The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
3.
Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Seattle, State of Washington, on May 20, 2004.
BLUE NILE, INC.
By:
/s/ Mark C. Vadon
Mark C. Vadon
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature
appears below constitutes and appoints Mark C. Vadon and Diane M. Irvine and
each of them acting alone, as his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to
file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
connection therewith, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their or his substitutes or substitute, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/ Mark C. Vadon
President, Chief Executive Officer and Director (Principal Executive Officer)
May 20, 2004
Mark C. Vadon
/s/ Diane M. Irvine
Chief Financial Officer and Director (Principal Financial and Accounting Officer)
May 20, 2004
Diane M. Irvine
/s/ Joseph Jimenez
Director
May 20, 2004
Joseph Jimenez
6
Table of Contents
/s/ Joanna A. Strober
Director
May 20, 2004
Joanna A. Strober
/s/ Augustus O. Tai
Director
May 20, 2004
Augustus O. Tai
/s/ Mary Alice Taylor
Director
May 20, 2004
Mary Alice Taylor
/s/ Brian P. McAndrews
Director
May 20, 2004
Brian P. McAndrews
7
Table of Contents
EXHIBIT INDEX
Exhibit
Number
5.1
Opinion of Cooley Godward LLP.
10.1.1*
Blue Nile, Inc. 1999 Equity Incentive Plan.
10.1.2*
Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 1999 Equity Incentive Plan.
10.2.1*
Blue Nile, Inc. 2004 Non-Employee Directors' Stock Option Plan.
10.2.2*
Form of Stock Option Agreement pursuant to the Blue Nile, Inc. 2004 Non-Employee Directors' Stock Option Plan.
10.3*
Blue Nile, Inc. 2004 Employee Stock Purchase Plan.
10.4.1*
Blue Nile, Inc. 2004 Equity Incentive Plan.
10.4.2*
Form of Stock Option Agreement
pursuant to the Blue Nile, Inc. 2004 Equity Incentive Plan.
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Cooley Godward LLP is contained in Exhibit 5.1 to this Registration Statement.
24.1
Power of Attorney is contained on the signature pages.
*
Documents incorporated by reference from the Company's Registration
Statement of Form S-1, as amended (333-113494), originally filed with the
Commission on March 11, 2004.