Since peaking in September 2007, online diamond and jewelry retailer Blue Nile (NILE) is off 50 percent.

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The shares of diamond and jewelry concern Blue Nile (NILE) are being pounded this morning, with the stock down more than 24% in electronic trading.

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Online diamond and jewelry retailer, Blue Nile, Inc.

FORBES: Blue Nile Q4 Sales Down 2.1%, Full-Year Sales Up 4.5%

Online diamond and jewelry retailer, Blue Nile, has appointed retail industry veteran Harvey Kanter as CEO and president, effective March 30.

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People spent more on discretionary items such as jewelry, books and electronics, than on "blue jeans and coffeemakers, " according to the report.

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There is also the blue chalcedony suite that belonged to the Duchess of Windsor , a famed jewelry collector.

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Harvey Kanter, Blue Nile president and CEO, did say that holiday sales of non-engagement jewelry did not meet expectations but growth in this category for the fourth quarter was still greater than 5 percent.

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