It seems people will buy most anything over the Internet. And that includes some fairly unexpected items.

We’re talking about jewelry. In this economy it seems a good price trumps the tactile need to feel a herringbone gold chain or see what the diamond studs look like in your ears.

That’s where Blue Nile comes in. The Seattle based e-tailer offers a wide selection of jewelry at extremely competitive prices.

“We present such a great value to consumers. We sell our diamonds for 20%-40% below traditional jewelry store prices,” explains CEO Diane Irvine

And despite the weak economy, the firm beat expectations last week by posting a net profit of $1.9 million, or 13 cents per share, compared with $2.6 million, or 16 cents per share, a year earlier.

True it’s a decline over last year, but that’s fairly impressive considering jewelry is probably the most discretionary of discretionary items.

“This is really our time to shine and gain market share,” adds Irvine on Fast Money. “There’s a long runway ahead of this company."

Is there a trade here?

This stock trades around 30 times price to book, explains Guy Adami. To jump in at these levels, is to flip a coin.

And the stock also has a huge short interest, adds Tim Seymour. I would be very cautious.

It’s only a buy on a big pullback, echoes Pete Najarian.

I’d keep an eye on cash flows, counters Jeff Macke. As long as the cash flows continue to work for them, the stock should also work.

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Trader disclosure: On May 11th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (GE), (AGU), (AMZN), (APPL), (SDS), (IMAX), (WFC), (TGT); Seymour Owns (AAPL), (BAC), (C), (DRYJ), (EEM), (FCX), (PBR), (TSL); Seymour's Firm Owns (RIG); Najarian Owns (AMD) Call Spread; Najarian Owns (BX) Call Spread; Najarian Owns (CROX) Calls; Najarian Owns (FIG); Najarian Owns (INTC) Call Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM) & (PALM) Calls; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Calls

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