Dwarven weapons and armour are famed for their exceptional quality. The skill of Dwarven smiths are unmatched, so they are in high demand across the land by all races (except maybe the Elves).
Meanwhile, magic is an intrinsic part of the nature of Elves. This is the reason given that weapons and armour produced by their smiths, though not physically as good as those of Dwarven make, are compensated for by the enchantments imbued within them. Such magical weapons are similarly favoured, especially when facing special foes such as the more elite servants of the Enemy.
In the LotR universe through the Ages, which of the two is more highly prized in the various great wars?