Fire from fire, in the 16th of the 2nd,
set with one, to all it did beckon,
yet from shipwreck to grey, grey it went,
but rarely its power spent.
Narya
Narya, the Ring of Fire or Red Ring, was one of the Rings of Power, specifically one of the "Three Rings for the Elven Kings under the sky".
Tolkien Gateway: Narya