Quote:
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...Yet even so, as RIng-bearer and as one that had borne it on finger and seen that which is hidden, your sight is grown keener... And did you not see and recognize the ring upon my finger? Did you see my ring? she asked turning again to Sam.
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Galadriel speaking to Frodo and Sam at the mirror of Galdriel.
So I surmise that the elven rings had a power to be hidden unless the bearer wanted it to be seen, as in Gandalf openly wearing Narya at the Grey Havens or if one has put on the One ring.
But this does raise a question concerning Narya. Frodo had put on the One ring three times (1.Tom Bombadil's house 2.Prancing Pony 3.Weathertop) by the time he had met up with Gandalf at Rivendel. So why couldn't Frodo see Narya? Or Bilbo?
Perhaps Gandalf kept Narya in the same place he kept the map of Lonely Mountain for a hundred years before giving it to Thorin.