I always wondered why the Elves couldn't make new rings and rebuild. Or is rebuilding strictly a Man thing.
I did read somewhere, I think, that the elves were not even supposed to be on Middle Earth, but had gone there so that they could be "artists," or be of a higher caste, and have powers. I definitely read that Galadriel was there through participation in some kind of rebellion, but was forgiven (because she resisted the temptation of the ring and its power) and was allowed to return to the west. So, just as most of the Numenoreans were destroyed for attempting to go to the land of immortality, the elves were not going to be allowed to remain on Middle Earth.