News: Trading slowed following Vegas highs as US dealers head for vacation. Industry expects 3Q lull but remains optimistic for holiday season. Recession fears grow after US GDP shrinks 1.6% in 1Q. Polished prices declining amid weak economic outlook and rise in inventory. Russian rough shortages likely to impact polished supply in 2H. Traceable non-Russian diamonds expected to sell at ethical premium. Natural Diamond Council faces $31M shortfall in marketing budget following Alrosa withdrawal. Luk Fook sees Apr.-May China slowdown after FY sales +33% to $1.5B, profit +37% to $177M. De Beers, Botswana extend current sales deal to June 2023. David Gotlib elected Belgium AWDC president.

Marketing expert Ben Smithee, founder of The Smithee Group, chats with Rapaport’s Avi Krawitz about the rapidly changing media space and how it is impacting the industry.

Leading experts in the man-made diamond industry — Altr’s Amish Shah, IGI’s Avi Levy, MVEye’s Marty Hurwitz, and Lightbox’s Nick Smart — join Rapaport’s Avi Krawitz to debate the market’s core issues.

De Beers may have meant to put synthetics in their place with its fashion-focused brand, but some say the move gave these stones a luxury stamp of approval.