Originally posted by vanice
as with gandalf.. He was given narya. Is that the flame of arnor. it is referred as the ring of fire. as he faces the balrog he's using it. quote "the dark fire shall not avail you, flame of undûn". so the rings do contain certain powers too.
Specifically Gandalf says "wielder of the flame of anor" Anor being the Elvish word for sun and the sun being made from the light of one of the two trees in Valinor. And yes, the Elven rings were never touched by the hand of Sauron however Sauron was aware of their existence, and he made the one ring to rule ALL rings of power including the elven ones. Whilst Sauron held the one ring the Elven peoples could not wear their rings of power.
The reason that the Elves found out about Sauron's one ring was that when he put the one ring upon his finger the Elves sensed him through their untainted rings and took them off. After Saurons ultimate defeat and the destruction of the ruling rings the Elven rings lost their power and all that was made and maintained with that power started to fade.
I can find quotes if need be.