Articles and News

Seattle, WA—In a surprise announcement, Diane Irvine, CEO of Blue Nile, has resigned effective Friday, reports National Jeweler. Irvine was with the company since its inception, serving first as CFO and assuming the CEO post in 2008.

Vijay Talwar, senior vice president and director of international, will serve as interim CEO and Mark Vadon, chairman of the company’s board of directors, said in a conference call Tuesday that he will take a more active role in the business and lead the search for a permanent CEO.

The company also announced plans to invest heavily in its international and non-bridal jewelry business. Though it made its reputation—and caused many a sleepless night for independent jewelers—by offering engagement rings at prices tough for brick-and-mortar retailers to beat, the company now sees the bridal market declining and the opportunities for non-bridal jewelry sales rising. Though the demographics for bridal are favorable—the Millennial generation is as large as, if not larger than, its Boomer-era parents—the economy has made it tough for many to find work or obtain credit, plus fewer are marrying.

The company’s financial results also were reported in the conference call. Though revenues were up 11.2% for the third quarter, margins were hurt by rising diamond prices and Wall Street was disappointed, says an article in JCKOnline. 

Read the entire National Jeweler article here, and the entire JCK article here.

Separately, National Jeweler also reported that jewelry sales at multimedia retailer QVC and online auctioneer Bidz.com were down, though overall revenue and sales at West Chester, PA-based QVC grew.