Vilya (Q. "Air" or "Sky", the Elven Ring of Air, the Ring of Sapphire)
Mightiest of the Three Elven Rings of Power , Vilya was given to Elrond by Gil-galad just before his departure as co-general of the Last Alliance of Men and Elves against Sauron . As long as Sauron did not possess the One , the holders of the Elven Rings were left free to utilize them to the fullest. In appearance, Vilya is a ring of pure yellow gold set with a large, clear blue sapphire. Few are able to see it, only the Ringbeareres and a few other of the Wise. Vilya was originally given by Celebrimbor to Gil-galad , who held it until he went to war at the end of the Second Age . At that time, Gil-galad bequeathed it to Elrond his herald, who wielded it until the end of the Third Age.
Vilya was also known as the Ring of Air. Despite Rivendell's location in a narrow valley with a concealed entry, it is amazing that the place remained hidden for so long. Sauron's servants were scouring the countryside and yet seemed unable to penentrate the veil about Imladris . Indeed, Rivendell and Lórien held a special, elusive status in Sauron's mind. Of Lórien , Sauron was aware, surely (and no doubt suspected who was at the heart of that realm), but without the One Ring he was unable to penetrate it's misty veil and see Galadriel. He must have perceived the enchanted nature of the Golden Wood and the Hidden Vale, and perhaps even suspected that an Elven Ring was at work in each. Yet the Three and their wielders — while the One was lost — were so powerful that the Dark Lord was unable to act upon his suspicions.
Powers: Perhaps more than the other two rings, Vilya is an item of healing and strengthening. Nenya shielded a land of complete repose — almost retreat; Narya kindled hearts to action. It was in Rivendell where Vilya abode that decisions were made and courses of action determined. Thus it was considered the mightiest of the Three Elven Rings.