HTC has abandoned plans to make a smartwatch Pocket-lint has learnt.

Sources familiar with the matter have told us that although the company was planning to launch a smartwatch for customers, it has now abandoned the idea for the time being.

Our source has no official confirmation as to why the project has been ditched, but believes rising costs and a lack of wow factor have played a huge part in the decision.

The watch, which was rumoured to be a reworking of the Qualcomm Toq, clearly hasn't met that expectation.

The Toq was launched earlier in the year for developers to get an understanding how Qualcomm's Mirasol (colour e-ink) technology worked, but with the roll out of Google's Android Wear, any momentum for the product also looks to have been lost.

Regardless, an HTC smartwatch would certainly have its work cut out for it. At IFA alone, we saw smartphone launches from Asus, LG, Samsung, Sony, Withings, and Motorola.

Add that to the growing speculation that Apple will launch a smartwatch at its September event next week and you can clearly see why HTC feels it might be wasting its time in creating a device for your wrist, for now.

We will keep you posted.