Significance of the green stone?

[Voralphion]

'It needs more to make a king than a piece of elvish glass, or a rabble such as this...'

Could this quote be refering to the elendilmir not the elessar. Aragorn wore the elendilmir at the battle of Pellannor Fields and it was one of the things that helped people know that the king had returned. The elvish glass could be this, as the second elendilmir, the one worn by Aragorn at the battle, was in fact made by the elves of Rivendell. The elessar was small and wouldn't have been noticed by Sauron, or didn't actually represent his kingship through his descent from Elendil, which the elendilmir did.