The Lord of the Rings: The Rings of Power episode 2 introduced viewers to the Dwarven kingdom of Khazad-dûm. The lush home of the Dwarves is seen in its full glory, centuries before it fell to ruin in the Third Age.
Elrond tricked his way into the dwelling in a bid to convince his old friend Durin IV to help him with Celebrimbor’s new plans. As we learned earlier in the episode, the Elven smith hopes to build a tower that can house a mighty furnace.
However, viewers later find out that the Dwarves are keeping a secret from the Elven kingdom. After being convinced by his old friend, Durin IV locates his father in the depths of Khazad-dûm. He tells King Durin III that he’s certain Elrond "doesn’t know" their secret, but the leader isn’t so sure.
We’re not told in the scene exactly what it is that they’re hiding. However, the pair approach a mysterious box, which opens as something glows from within. The camera cuts away as King Durin III lifts something up and we hear a faint jingle.
While the series has yet to reveal what’s in the chest, a major theory suggests it could be the precious metal Mithril. Some eagle-eyed fans noticed Durin IV could be seen holding a small piece of metal in one of The Rings of Power trailers. This is seemingly Mithril – a lightweight and incredibly strong metal mined by the Dwarves in Khazad-dûm.
It was mainly used for armor, with Bilbo taking a chainmail shirt made of it from Smaug in The Hobbit, and jewelry. However, it was also used to create one of the Elven rings that Celebrimbor makes: Nenya, which Galadriel later looks after.
By the Third Age, Mithril was incredibly rare as it had been overmined by the Dwarves thanks to its special properties. Therefore, it makes perfect sense The Rings of Power could be setting up how this came to be – and why they’re so protective of their new discovery.
But, although Mithril seems like the most likely option, some viewers have been speculating that there may be something else entirely in the box. Posting on Reddit, another viewer suggested it could be the Arkenstone, which was a gem that shone with its own inner light. While the box does glow, introducing the gem here would require some changes from J.R.R. Tolkien’s lore as it is supposed to be discovered beneath the Lonely Mountain thousands of years later.
Another theory is that it may be the Silmaril that was lost on Middle-earth. The Silmarils were Jewels of Fëanor created during the Years of the Trees. Thanks to their link to Elven heritage, they are highly sought after by the Elves so this might explain why King Durin III is so anxious about Elrond knowing they possess it.
If this was the case, however, the creators of The Rings of Power would likely need permission from the Tolkien estate as introducing it at this point would be a big change to the mythology. What’s more, Amazon Studios do not have the rights to Tolkien’s The Silmarillion, so this would mean they’d have to tread very carefully with the storyline.
Looking for more on The Rings of Power? We’ve taken a deep dive into the characters of the world as well as dissecting theories about who is playing Sauron as well as the secret behind The Stranger's identity. Don’t forget to check out our The Rings of Power release schedule too so you don’t miss an episode.
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