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IIRC he was given the ring by Cirdan, who was an elven lord.

• Diederich 7y ago
  That's correct. Cirdan gave Narya, the ring of fire, to Mithrandir when he arrived. "Take this ring, Master," he said, "for your labours will be heavy; but it will support you in the weariness that you have taken upon yourself. For this is the Ring of Fire, and with it you may rekindle hearts in a world that grows chill. But as for me, my heart is with the Sea, and I will dwell by the grey shores until the last ship sails. I will await you."