Document:

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                                                                  Exhibit 10.6.2

                            FIRST AMENDMENT TO LEASE

         This First Amendment to Lease (the "First Amendment") is made effective
the 11th day of December, 2002, by and between Gull Industries, Inc.
("Landlord"), and Blue Nile, Inc. ("Tenant").

                                    RECITALS:

         Landlord and Tenant are parties to that certain that lease, dated for
reference purposes June 28, 2001 (the "Lease") for premises located at 5907
Fourth Avenue South, Seattle, Washington (the "Premises").

         Pursuant to Section 6 of the Lease, Tenant is required to post a letter
of credit (the "Letter of Credit").

         Section 6(f) of the Lease requires reinstatement of the Letter of
Credit after expiration in the event a bankruptcy petition or similar proceeding
is filed that might require Landlord refund monies to Tenant or to Tenant's
bankruptcy estate (the "Bankruptcy Provision").

         Tenant wishes to provide a form a Letter of Credit that does not
contain the Bankruptcy Provision and Landlord is willing to accommodate same all
in the terms and conditions set forth herein.

         Except as specifically defined herein, all capitalized terms used in
this First Amendment shall have the meanings set forth in the Lease.

                                    AGREEMENT

         1.       In providing the Letter of Credit required under Section 6 of
the Lease, Tenant may provide a Letter of Credit which, in lieu of the language
set forth in Section 6(f) provides as follows (the "Alternate Language"):

         This Letter of Credit shall be automatically extended for an additional
         period of one year, without amendment, from the present or each future
         expiration date unless at least thirty (30) days prior to the then
         current expiration date we notify you by registered mail/overnight
         courier service at the above address that this Letter of Credit will
         not be extended for another one year period. If we elect not to renew
         the expiration date of this Letter of Credit for another year, then the
         expiration date will be automatically extended by 165 days beyond the
         current expiration date and that date will be the final expiration
         date. In no event shall this Letter of Credit be automatically extended
         beyond May 14, 2006.

         2.       The parties stipulate that in the event the Alternate Language
is utilized, then the following shall apply:

         a.       The 165 day automatic extension provided in the Alternate
                  Language shall not satisfy the requirement of annual
                  extensions, renewals or

                                       1.

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                  replacements of the Letter of Credit (and thus the failure to
                  get a full year extension, renewal or replacement shall be a
                  "Draw Event"), provided only that the failure to provide
                  extension, renewal or replacement Letter of Credit upon
                  expiration of the term of the Lease shall not constitute a
                  Draw Event so long as the 165-day extension provided in the
                  Alternate Language is in effect and continues the
                  then-effective Letter of Credit to a date 165 days after the
                  expiration of the term of the Lease.

         Except as specifically modified herein, all terms and conditions of the
Lease are and remain in full force and effect.

                                        LANDLORD

                                        Gull Industries, Inc.

                                        By:  /s/ William T. Vivian
                                            ------------------------------------

                                        Its:  VICE PRESIDENT            12/11/02

                                        TENANT:

                                        Blue Nile, Inc.

                                        By:  /s/ Robert L. Paquin
                                            ------------------------------------

                                        Its:  COO                       12/12/02

STATE OF WASHINGTON                   )
                                      ) ss.
COUNTY OF KING                        )

         I certify that I know or have satisfactory evidence that William T.
Vivian signed this instrument, on oath stated that (he/she) was authorized to
execute the instrument and acknowledged it in (his/her) capacity as Vice
President of Gull Industries, Inc. to be the free and voluntary act of such
party for the uses and purposes mentioned in the instrument.

         GIVEN under my hand and official seal this 11 day of December, 2002.

                                             /s/ Janine Michele Wilson
                                            ------------------------------------
                                            NOTARY PUBLIC in and for the
                                            State of Washington, residing
                                            at Kent;
                                            My commission expires: 9/1/05

                                             Janine Michele Wilson
                                            ------------------------------------
                                            [Type or Print Notary Name]

                                       2.

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STATE OF WASHINGTON                   )
                                      ) ss.
COUNTY OF KING                        )

         I certify that I know or have satisfactory evidence that Robert L.
Paquin signed this instrument, on oath stated that (he/she) was authorized to
execute the instrument and acknowledged it in (his/her) capacity as COO/CIO of
Blue Nile, Inc. to be the free and voluntary act of such party for the uses and
purposes mentioned in the instrument.

         GIVEN under my hand and official seal this 12th day of December, 2002.

                                                   /s/ Sandra J. Wong
                                                 -------------------------------
                                                 NOTARY PUBLIC in and for the
                                                 State of Washington, residing
                                                 at Kenmore;
                                                 My commission expires: 10/5/03

                                                   Sandra J. Wong
                                                 -------------------------------
                                                 [Type or Print Notary Name]

                                       3.<PAGE>

                                                                  Exhibit 10.6.3

                            SECOND AMENDMENT TO LEASE

         This Second Amendment to Lease (the "Second Amendment") is made
effective the 15th day of November, 2003, by and between Gull Industries, Inc.
("Landlord") and Blue Nile, Inc. ("Tenant").

                                    RECITALS:

         Landlord and Tenant are parties to that certain Lease, dated for
reference purposes June 28, 2001 (the "Lease") for premises located at 5907
Fourth Avenue South, Seattle, Washington (the "Premises").

         Tenant wishes to lease additional space on the Premises on a short term
basis.

                                    AGREEMENT

1.       Landlord agrees to rent an additional 424 sf of use and storage area
         and an additional 320 sf of the access corridor to Tenant as per
         Exhibit A.

         Term:                    A. November 15, 2003 - December 26, 2003 and
                                  B. February 1, 2004 -February 15, 2004
         Additional Rent:         $0.875 per sf/ month prorated
                                  ($564.20 for A and $273.00 for B )

2.       Access to the additional space will be through the roll up door, shared
         with Landlord.

3.       Landlord and Tenant agree to refrain from disturbing the property of
         the other party.

4.       Except as specifically modified herein, all Terms and Conditions of the
         Lease are and remain in full force and effect.

                                LANDLORD:

                                Gull Industries, Inc.

                                By:   /s/ William T. Vivian             11/14/03
                                    --------------------------------------------
                                    William T. Vivian

                                Its: Vice President

                                TENANT:

                                Blue Nile, Inc.

                                By:   /s/ Dwight Gaston
                                    --------------------------------------------
                                    Dwight Gaston

                                Its: VP of Operations

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STATE OF WASHINGTON            )
                               )
COUNTY OF _______________      )

         On this _____ day of _______________, 2003, before me personally
appeared ___________________________________________ to me known to be the
_______________ of Gull Industries, Inc., the corporation that executed the
foregoing instrument, and acknowledged said instrument to be the free and
voluntary act and deed of said corporation, for the uses and purposes therein.

         GIVEN under my hand and official seal this _____ day of ______________,
2003.

                                       _________________________________________

                                       Notary Public in and for the State of
                                       Washington, residing at

                                       ______________________________ .

                                       My commission expires _________________ .

STATE OF WASHINGTON            )
                               )
COUNTY OF _______________      )

         On this _____ day of _______________, 2003, before me personally
appeared ___________________________________________ to me known to be the
_______________ of______________________________., the corporation that executed
the foregoing instrument, and acknowledged said instrument to be the free and
voluntary act and deed of said corporation, for the uses and purposes therein.

         GIVEN under my hand and official seal this _____ day of ______________,
2003.

                                       _________________________________________

                                       Notary Public in and for the State of
                                       Washington, residing at

                                       ______________________________ .

                                       My commission expires _________________ .

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                                  AM Building

                           Temporary use by Blue Nile
                                 Nov. 13, 2003

                                Scale 1" = 10'0"

                                  [FLOOR PLAN]

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