My guess is Fëanor. Though it could be Melkor. Painted by someone who hadn't actually read the book but may have had a vague description and had possibly read the Hobbit. Those surely must be the silmarilli but on the scale of the arkenstone. Not things even a mighty elflord might wear in jewellery.
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“But Finrod walks with Finarfin his father beneath the trees in Eldamar.”
Christopher Tolkien, Requiescat in pace
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