The word "precious" is similar to the word "valuable." Something that is precious can have a monetary (money) value, a sentimental (emotional) value, or it’s priceless (extremely valuable):
A person’s life is very precious.
A collection of photographs helps bring back many precious memories.
Deanna’s most precious memories are of the years she spent raising her children.
LIfe on Earth exists due to a precious combination of timing and luck.
That jewelry store sells precious gold and diamond jewelry worth hundreds of thousands of dollars.
A good college education can be a person’s most precious asset.
It’s unfortunate that so much precious time has been wasted working on a project that isn’t going to be developed.
They’re wasting precious time.
Diamonds are precious because they are rare and very desirable.
