What is Elrond carrying?

Could you please elaborate on what Elrond is carrying? I'm quite curious about the item he holds in his hands. Is it an object of great significance? Or perhaps a talisman of some sort? Does it possess any magical powers? I'm also wondering if this item plays a crucial role in the storyline. Could you provide more insight into its significance and the role it plays in the narrative? Thank you for satisfying my curiosity.