From - http://www.forodrim.org/gobennas/heraldry/heraldry.htm

The Elves had formulated rules or principles for the shaping of heraldic devices, which can be summarized in the following way:

• Devices for males were placed within a lozenge.
• Devices for females were placed within a circle.
• Devices for families, houses or countries were placed within a square.
• The rank of the owner was shown by the number of “points” reaching the outer rim of the device (see below). Four points signified a prince, six to eight signified a king. The oldest of the Elven kings, like Finwe, could sometimes have as many as 16 points.

Bace to Elves