Where Are The Rings Of Power During LOTR?

Seven of the Rings of Power end up with the Dwarves. There's a debate about whether Sauron gives all seven as gifts meant to enslave their recipients or if one of them comes from the Elves. Either way, they all end up tainted by the One Ring. However, this doesn't do the Dark Lord much good.

"The Return of the King" book explains, "For the Dwarves had proved untameable by this means. The only power over them that the Rings wielded was to inflame their hearts with a greed of gold and precious things, so that if they lacked them all other good things seemed profitless, and they were filled with wrath and desire for vengeance on all who deprived them."

This amplification of desire turns each Dwarven ring into the center of a vast treasure horde. As with all glittering concentrations of wealth, these attract unwelcome visitors. By the time of "The Lord of the Rings," Gandalf sums up where all Seven Dwarf rings are in a single, loaded sentence by saying, "Seven the Dwarf-kings possessed, but three he has recovered, and the others the dragons have consumed."

In the space of 16 terrifying words, Gandalf implies that seven ring-bearing Dwarven kings (and presumably their kingdoms and treasures) have perished in the flames of dragon-fire and war. We never hear what happened to them after this. However, Gandalf does add, "It has been said that dragon-fire could melt and consume the Rings of Power," implying that four of the Dwarf rings are melted. As far as the other three, the "he" mentioned is Sauron, and we never hear what he does with them. Perhaps they end up like the Nine Rings for Mortal Men ...