SEATTLE – After less than 10 years in existence, Blue Nile has become a major player in the diamond and engagement ring industry.

Behind thick doors and countless locks in a nondescript building in Seattle, Blue Nile's warehouse is awash in diamonds.

The online retailer launched just eight years ago and has been sparkling ever since.

"Within months of starting we were doing about $10 million a quarter in revenue," said Mark Vadon, CEO, Blue Nile.

Vadon got into the business after buying his wife's engagement ring online.

"I decided if this worked for me, it would work for a lot of other people, so I wound up buying the store and using it as the base to create Blue Nile," he said.

Since its start in 1999, Blue Nile has proved itself to be a major player, this year even surpassing Tiffany's in engagement and wedding ring sales.

"Their sales of bridal products last year were $186 million and ours were roughly $200 million," said Vadon.

Vadon says 65 percent of the Web site's traffic is from women, but 85 percent of their revenue comes from men buying rings they design online that are shipped out within 3 to 4 business days.

Blue Nile is constantly growing. Right now it employs 32 jewelers who can turn out anywhere from 150 to 200 pieces of jewelry a day.

Part of Blue Nile's success is staying on top of trends and right now colored diamonds are the rage – ranging from pinks and yellows to deep orange.

Of course it takes a little extra green to buy these carats.

"They're incredibly rare. One out of every 10,000 diamonds has some sort of natural color," he said.

Blue Nile claims to supply roughly 4 percent of the United States' engagement ring market and nearly 10 percent in Seattle. Vadon says the Emerald City is an ideal location for his business.

"We find great employees, both in the technology area and in the jewelry area," he said.

With projected sales for this year at roughly $300 million, Blue Nile is a local gem for Seattle.

Blue Nile has a 30-day, money-back guarantee. The company just opened a facility in Ireland a few weeks ago so they can expand their sales in the United Kingdom.