I haven't really thought about this before. Couldn't it be a bit like
Middle Earth? The races (all races) had the power (or skill) necessary to
manufacture magic items in the past and these skills have been lost or
forgotten (perhaps the last of the Smiths died at Deismar.

Just an aside to this topic, does the definition "Low Magic World" refer
to the availability of magic to the general populous or the relative power
of the practitioners of magic.

Chance is the Demon's Law; ... , against it the Gods themselves are
powerless ...
Demon's Law: Tales of the Bard (Michael Scott)