Narya
Narya (S. "-Red", the Ring of Fire, Narya the Great, Red Ring of Fire)
Of all the twenty Rings of power , only the Three Elven Rings, forged by Celebrimbor alone, are untouched by the evil hand of the Dark Lord. The most active of the Three is Narya, the Red Ring. As with all true artifacts, Narya's power is a function of its wielder, and certainly it could not have a more worthy bearer than Gandalf. The Istar received it from Cirdan the Elven Shipwright upon his arrival in Middle-earth around T. A. 1050. Cirdan had kept it in the Grey Havens through the Second Age until the Wizard's appearance. The powers Gandalf commanded from the Fire Ring in his travels are difficult to ascribe to specific spells or even lists, but in general Narya — like the other two Elven Rings — aids in learning, healing and understanding, not only for the wearer but those around him.
Narya was called the Red Ring in part because it was made of gold set with a ruby. It was first given to Gil-galad , who passed it on to Cirdan , and was in turn given to Gandalf . Gandalf in particular, though not an Elf , was well able to use Narya because he was of the Istari , wielders of the Secret Fire , the ultimate Flame of Light.
Powers: Narya seems not to have the same power as the other two, but this may be due simply to the fact that Gandalf is ever in motion, and the Red Ring is never tied to a specific place (after leaving Cirdan in the Grey Havens — which was considered a place of sanctuary). Either the powers of the Ring are capable of altering to the needs of the wielder, or perhaps Narya is not even designed to perform the same functions as Nenya and Vilya, for it is clear that each ring had powers differing from — yet complimentary to—the others. Narya is also (of course) the Ring of Fire, and as such its association with fires and flame cannot be denied. The fire of Narya is the Secret Fire , the Flame of Anor, by which all the Istari swore allegiance. It is the fire of Men's hearts, the flame of passion, which Narya kindles most. Narya's powers could not be better suited to Gandalf's purpose, which is to inspire and rally the Free People against the Dark Lord of Mordor . The Red Ring's actual power over fire is a secondary ability.
Realization: It should be noted that the rings were made for the tall elf kings. Being that Narya was given to Gil-Galad for safe keeping--one often wonders who this ring was originally for--the evidence could not be more clear--Narya was originally the ring that Celebrimbor made for himself. Vilya was for Gil-Galad, Nenya was for Galadriel (who he loved and is considered royalty), so Narya would have had to been created for Celebrimbor himself.