Vilya is known as the Ring of Air or Ring of Sapphire. Vilya is one of the three Elven Rings that were forged and fashioned by Elven smiths who used knowledge that was given to them by a disguised Sauron. Unknown to them, he bound the rings to his One Ring of Power. When the Elves learned of this, they hid the rings and refused to wear them so that they would not be bent to Sauron's will. When the One Ring was lost by Isildur, they used the rings. Vilya was originally worn by Gil-galad, but Elrond has worn it since the second age. Since the One Ring went missing, Elrond had presumably used it to protect Rivendell.
In The Return of the King:
As a Ringbearer, Elrond left Middle Earth with the other Ringbearers when they all departed from the Grey Havens for the Undying Lands.
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