(IDEX Online) - Organizers have axed the iconic Baselworld watch and jewelry show for 2021 after an exodus of big-name exhibitors and the launch of a rival event.Its future had been in doubt since its canceled its April 2020 event because of COVID-19. Many exhibitors were angered by its refund policy of what was once one of the watch industry's top showcases, and by the January 2021 date for a rescheduled event, which clashed with other shows.In a press statement issued today the MCH Group says the refund issue has now been resolved, and acknowledges in the final paragraph that Baselworld 2021 will not take place."We will be taking a decision on possible follow-up formats by the summer and will then provide information on the new concept and scheduling," said Michel Loris-Melikoff, managing director of Baselworld.Rolex, Patek Philippe, and others are planning a rival show in Geneva, in April 2021.Rolex director Hubert J. du Plessix, who is also president of the Swiss Exhibitors' Committee, thanked high-profile brands for agreeing to a lower refund so that the other exhibitors could benefit from better terms.The raft of brands that have deserted Baselworld includes Rolex, Patek Philippe, Chanel, Chopard and Tudor, as well as Bulgari, TAG Heuer, Hublot and Zenith, all part of the LVMH Group.Their departures followed those in 2018 of The Swatch Group, which had 17 brands in the show, as well as Breitling, Gucci, Bulgari, Seiko, Grand Seiko, Citizen and Bulova.