It begs the question of whether the Rings were made specifically for certain races. One one hand (not an intentional pun
) Gandalf was not an Elf but was able to wear one the Elven rings, but on the other hand, the Ring Verse seems to imply that the rings were created for specific races. And they did seem to work in certain ways according to those races which bore them; the rings of Men worked on their lust for power and immortality, the rings of Dwarves on their lust for Gold and treasure (I think each ring was associated with a horde).