<P> Over the years, Sauron recovered three rings from the Dwarves, the last from Thráin II during his final captivity in Dol Guldur some years before the beginning of The Hobbit . The remaining four, according to Gandalf, were destroyed by dragons . </P> <P> Until the Council of Elrond, the Dwarves did not know that Thráin had held the ring of Durin's line and had lost it to Sauron . They thought instead that it might have been lost when Thrór was killed by Azog in Moria . One of the motivations for Balin's doomed expedition to Moria was the possibility of recovering the ring . Sauron's messenger attempted to bribe the Dwarves of Erebor for news of Bilbo (the last known bearer of the One) with the promise of the return of the remaining three of the Seven and control over the Mines of Moria . </P> <P> The Three Rings of the Elves were called Narya, the Ring of Fire (set with a ruby); Nenya, the Ring of Water or Ring of Adamant (made of mithril and set with a "white stone"), and Vilya, the Ring of Air, the "mightiest of the Three" (made of gold and set with a sapphire). </P> <P> Before the sack of Eregion, Celebrimbor gave Vilya and Narya to Gil - galad and Nenya to Galadriel . Gil - galad later gave Narya to Círdan, and gave Vilya to Elrond . </P>

Who has rings in lord of the rings