In the Extended Version Gandalf and Saruman talk slightly longer about the meaning of the seventh ring of the Dwarves: Gandalf is worried about its whereabouts. Saruman, however, sees no reason to worry, as he considers it meaningless without the One Ring which he supposes to be ultimately lost. Once Saruman comes to Rivendell to talk with Gandalf, they now talk about the legend of the rings and "The One" having gone missing long ago. Saruman flat out says the other rings are pointless without the ring of power and they believe it washed out to sea.
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