NSBI, the province's business development agency, has lent NovaScotian Crystal more than $220,000. (CBC file)

Canada's only crystal maker is shutting its doors.

NovaScotian Crystal said it has run out of money. The company announced the "heartbreaking news" on Friday.

The world-class crystal maker on the Halifax waterfront is blaming its financial problems on the 2008 economic downturn.

In 2009 the company applied for protection from its creditors.

Its remaining stock will be sold over the next three to four weeks.

"We hope you will remember us fondly when you hold a piece of our crystal in your hands," said CEO Rod McCulloch in a statement.

"Every now and then when you hold it, close your eyes and feel the heat of the fire and breath that created it."

Unless a buyer steps up, 43 people will lose their jobs.

The closure could cost taxpayers — McCulloch confirmed there is still about $200,000 outstanding on a loan from the province.

NovaScotian Crystal was founded in 1996 and employs traditional glassworkers from Ireland, including some from the famed Waterford company.