Have you checked into some fixed blinds? It would have to be lightweight and probably wouldn't block all the light. Back in the day... and they've changed how to raise children since I raised mine... they used to say you didn't want it too dark during the day when they napped because you wanted them to sleep sounder at night.

You can get skylight shades here:
http://www.yourblinds.com/Cell_Skylight_Comp.asp

Could you use this curtain some way? For instance, on whichever side of the skylight the baby's crib is, instead of trying to cover the skylight, diffuse it by hanging one or two of these from the ceiling at the foot of the crib, which you can push back, just like regular window drapes. Not explaining it very well….hope you get the gist.

That's not a bad idea. Crib nets are quite common and you can just exchange it with a darker, still light weight material. Anything will reduce the currently blinding light in the room. Thank you, and also for the tip on a sounder night's sleep for the baby :)

I really like judyg's idea. Just curtain off the area of the baby's crib.
I know the type of skylight you're talking about jwhero. We looked at some of those ourselves. If you remove part of the skylight, it won't function and you might as well remove the whole thing.
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Did anyone think about PDLC film ("electric shades") for skylight dimming?

I have a skylight on the two-story ceiling that casts direct light right on the couch at summer time.

That film seems to be easy to install and operate (although rather expensive...)

You can put special skylight covers on the outside that tone down the light. Also if it is rectangular you can install moldings. Just below the skylight an install opaque plexiglass. Here is a photo of mine. I’m picking up the plexiglass this week. You just bend the plexiglass to install it. I’ve been doing this for over 30 years. Works great to soften the light. I just had my skylights changed and I was shocked to find out they didn’t come with the Opaque domes on them. This method really works and it is inexpensive and so easy.