"And some things that should not have been forgotten were lost. History became legend. Legend became myth. And for two and a half thousand years, the ring passed out of all knowledge." - Tolkien
I love both (I'm one of the few who wrestled through the entire WoT twice and enjoyed that) but your citation shows very pointedly how Jordan was often just copying LoTR.
So maybe Jordan is actually the one who got ripped off. Still though, pretty cliché idea, but the formulation is too close to not be influenced one way or another.