Also see definition of "Precious" in Word Study
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PRECIOUS - presh'-us (stands for 17 different words, chief of which are yaqar; timios): (1) Generally in the literal sense, "of great price," "costly," "expensive," of material things (e.g. Prov 1:13; Jer 20:5; Mk 14:3 the King James Version), especially of precious stones (2 Sam 12:30; 2 Ch 3:6; 1 Cor 3:12 the King James Version, etc.). (2) Sometimes "of great moral (non-material) value." "Precious in the sight of Yahweh is the death of his saints" (Ps 116:15); "his precious and exceeding great promises" (2 Pet 1:4); compare Ps 139:17; 2 Pet 1:1. The literal and the moral senses are both involved in the expression, "knowing that ye were redeemed, not with corruptible things, .... but with precious blood" (1 Pet 1:18,19). "Preciousness" (time) occurs in 1 Pet 2:7 the American Standard Revised Version, the English Revised Version, for the King James Version "precious."

D. Miall Edwards

Also see definition of "Precious" in Word Study

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