Some of the rings gave invisibility, but I think it depended on the bearer whether or not they did, as a dominant spirit, unmasterable, would be able to hide the ring, as the wielders of the three, and Bombadil with the one ring did. But at any rate, that explains the dwarves reasoning in lusting after the ring of Thror.
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"I come from yonder...Have you seen Baggins? Baggins has left, he is coming. He is not far away. I wish to find him. If he passes will you tell me? I will come back with gold." - Khamul the Easterling
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