It has to do with the Elves losing power in Middle Earth; aside from the fact that they were "slaved" to the One Ring, they were, like the Elves themselves, relics of an earlier Age. When the time for which they were created came to an end, they had to leave to make way for the (relative) newcomers, that is, the newcomers to power. The world of Men had no use for old magic rings created counter to a Power which no longer existed. It's a case of "Make Way for the New". They just weren't necessary anymore.
[ September 19, 2002: Message edited by: Childlike Empress ]
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