placenta
It has special skin that allows it to exchange
Babies don't breathe the water in the womb. Their mothers breathe for them, and supply them with oxygen through the umbilical cord. Babies don't start breathing until they are born. Humans, well no mammal can breathe water, because our lungs can't get any oxygen from it. Although they do the same job, gills work in a slightly different manner, which allows fish to get oxygen from the water the way we get it from the air.
The exchange of nutrients and oxygen does not take place in the heart. The exchange of oxygen takes place in the alveoli of the lungs and the exchange of nutrients takes place at numerous sites around the body, but the most predominant is the duodenum and ileum of the small intestine.
Stomata and lenticells
The mother's blood supply enters the foetus via the umbillical cord and allows oxygen to diffuse from the mother's blood into the foetus.
A stomata, which allows for the exchange of oxygen to exit and carbon dioxide to enter.
The alveolar region of the lungs. (alveoli)
It happens in the alveoli of the lungs
this is the function of the placenta, the mothers blood flows through capillaries that run very close to capillaries filled with the fetus' blood and the gases diffuse across due to the higher oxygen affinity of fetal haemoglobin.
Capillaries are the thin-walled vessels that allow oxygen and carbon dioxide exchange. Their thin walls make it easy for gases to diffuse across the membranes.
The lungs do not exchange oxygen and carbon monoxide. They exchange oxygen and carbon dioxide. They do that in the aveoli.
Diffusion is the process that allows the exchange of oxygen and carbon dioxide in the alveoli. This process is one of passive transport.