Not a Pro.

I know there is no yellow in this picture, but if yellow is what you want in your room, I would incorporate it in my pillows. So they can be easily be changed out when you need change.

Some inspiration:

One of my favorite combinations with a blue bed

Wow. Bow-Chicka-bow-wow. That is a little too much IMO. I would focus on toning that down, and absolutely no to yellow nightstands. I would do light solid colored bedding that would hide all of the blue except for the headboard. Then I would cover up as much of the headboard as I could with tall pillows. And then I would go with glamour to try to make it more sophisticated, so I would do mirrored nightstands on both sides.

I love navy. But you have picked a bed that will require a tremendous amount of upkeep to keep looking fresh and nice. Navy shows every bit of dust and dirt and lit. Depending on the nap, velvet can be a dirt and lint magnet. And all the tufts are little lint and dust holding cups that you will have to individually clean.

I say skip the bed and add navy velvet with objects that are easily cleanable like bedding and pillows.

The OP already purchased the bed and is asking for help with how to complete the look. Why tell them to "skip the bed"? It's a beautiful statement piece. The upkeep of a tufted velvet headboard isn't a big deal, take a vacuum attachment to it when necessary. Or just a lint roller, would depend if you have pets.

pink_peony had some great suggestions in terms of bedding and nightstands. I think mirrored nightstands are perfect with the bed, really sets off the glam look of the bed. I would do simple white bedding with navy accents in the throw pillows and just really let the bed be the star.

I'm sorry, I missed the part that you already purchased the bed. It's lovely. I'm a clean freak and upkeep was the first thing that popped into my head when I saw the photo. Have fun decorating your space.

Try brass if you want something with yellow tones.

Thank you all for your comments and suggestions!!!

Some inspiration

If you want yellow go with a gold look. Here are some of our designs, though it is with living room designs. We used lots of gold, white, grey, and some yellow as well. Take a look and see what you think. You could even try coral.

Sorry, but the blue bed is a bit much without adding yellow nightstands. That would be like adding whipped cream, nuts and a cherry to the creation.

When you select a bed that is this very low, the nightstands should not be taller than the height of your mattress on the bed. See the drawing below. I'm recommending art or mirros on either side with tall lamps.

Wayfair