"We look at it as a great positive—we've been able to reduce our gold jewelry prices by 10 percent," he said. "Really, no better time to buy gold jewelry. We have reduced prices as of yesterday on all gold jewelry."
Gold tumbled precipitously on Monday and Tuesday, to its lowest level since January 2011. After gaining for 12 years, it is down about 18 percent so far this year.
(Read More: Gold Experts Didn't See Rout Coming)
Because Blue Nile is "very lean" and holds minimal inventory, it can be more flexible on price than brick-and-mortar competitors, Kanter said. "What we expect to do is turn our inventory much faster, accelerate sales and ultimately buy the new inventory at the lower new price," he added.
Kanter said he believes customers will buy into a historical trend of rising gold prices and consider his company's jewelry an investment.
"We think the reality is that the consumer appreciates the value of what we bring to market," he said, adding that he expects gold's volatility to be a momentary phenomenon. "The consistent appreciation of gold is really what they really appreciate the most."
(Read More: Gold Climbs as Buyers Chase Bullion Bars, Coins)