Combine sugar, vinegar and cinnamon stick halves in a clean large stainless-steel saucepan. Bring to a boil over medium-high heat, stirring to dissolve sugar. Reduce heat and boil gently for 5 minutes, until cinnamon has infused the liquid. Add drained rind and return to a boil. Reduce heat and boil gently, stirring occasionally, for 1 hour, until watermelon is translucent. Discard cinnamon sticks.