It's in reference to all of the Rings of Power. That's why the Elves took off their rings when they perceived the power of the One Ring, when Sauron put it on his finger:
When the One Ring was lost, the Elves used their rings again to preserve what was left of their kingdoms. Well, Círdan gave his to Gandalf. Galadriel explains this dilemma to Frodo. If he fails in his quest, they are doomed. If he succeeds, they are doomed, because the Three will lose all their powers and they will have to leave Middle Earth or be reduced to lingering spirits in caves.And while he [Sauron] wore the One Ring he could perceive all the things that were done by means of the lesser rings, and he could see and govern the very thoughts of those that wore them.
But the Elves were not so lightly to be caught. As soon as Sauron set the One Ring upon his finger they were aware of him; and they knew him, and perceived that he would be master of them, and of all that they wrought. Then in anger and in fear they took off their rings.
- The Silmarillion, Of the Rings of Power and the Third Age
Sauron intended the Seven to do more or less what the Nine did to Men. But the Dwarves were innately resistant to control. The Seven just made them exceedingly greedy, but brought ruin upon them just the same. Which was good for Sauron too.