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Saruman probably figured that the Red ring was unnecassary for his power. He continaully thinks that he is stronger than Gandalf
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Still this wouldn't explain why he didn't take it, if he knew Gandalf had it. His envy and his interest in the rings of Power should have been enough for him to seize it.
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Who would settle for one of the Elven Rings when you could find the Master Ring itself?
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Well, Sauron were in the same situation, he could also find the One Ring, still he wanted control of the other as well.. this isn't sufficent to say that Saruman would have been uninterested in Narya.
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If he gained the ring off Gandalf what could he do with it?
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Well he might not have been able to do anything with it directly, but if he seized it Gandalf could not have used it to "rekindle" hearts to fight against him (and Sauron). Also being a ring loremaster as Saruman were, I find it hard to believe that he wouldn't have taken it for study or simply of envy.