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New York--Year-end data from the Jewelers Board of Trade (JBT) shows that the number of bankruptcies in the jewelry industry fell sharply again last year, dropping from 71 in 2010 to 43 in 2011.

The decline comes on the heels of the 32 percent decrease in bankruptcies recorded in 2010.

The percentage drop in bankruptcies was highest among manufacturers, falling from 13 to 9, a 69 percent decrease. A total of 33 companies classified as retail jewelers/repairers filed for bankruptcy, down 35 percent from 51 in 2010. The number of wholesalers filing held steady at six.

Overall, the number of business discontinuances, a category the JBT first began tracking in 2008, was down 27 percent in 2011.

In addition to the 39 percent drop in bankruptcies, there was a 29 percent decrease in the number of companies that ceased operations. The number of consolidations, defined as sales, mergers or changes of ownership, increased 7 percent.

While the JBT data shows that the contraction of the industry slowed again in 2011, the number of businesses opening declined.

The number of new jewelry businesses was down 3 percent, from 354 in 2010 to 345 last year. This includes a 3 percent decline in the number of new retailers and a more substantial 12 percent drop in the number of wholesalers. The number of manufacturers, meanwhile, increased 13 percent.

Last year marked the first time since 2006 that the total number of retailers, wholesalers and manufacturers counted by the JBT has slipped below 30,000. It also marked the fifth year in a row total industry numbers have declined.

According to historical data from the JBT, the total number of retailers, wholesalers and manufacturers was 32,112 in 2006. That number dropped to 31,586 in 2007 and 31,082 in 2008.

By 2009, it was down to 30,330, slipping to 30,180 in 2010 and 29,815 last year.