Seattle-based Blue Nile, an e-commerce diamond seller, has filed for its IPO. The company had revenues of $129 million in 2003 and operating income of more than $11 million. Imagine that: another profitable e-commerce company, this one selling diamonds and jewelry, with an operating margin of more than 8%. The bubble burst because of over-investment, but the internet�works incredibly well for well conceived e-commerce, content, and advertising business models.
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