In spite of the industry being hit by recession, India emerged the second largest exporter of polished diamonds in February, reported PTI quoting media reports.

Israel was the first largest exporter of polished diamonds, recording exports of $119.6 million, while India registered exports of $106.4 million followed by Belgium with $74.1 million. However, February industry sales showed a 50% year-over-year decline. Israeli diamond industry contracted 60% in the fourth quarter of 2008.

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