Precious really has a fairly simple meaning, something we can all relate to. Beloved, highly esteemed, cherished, something that is of high cost or worth, something that is valuable to us and not necessarily of dollar value.
I would say I have a precious wife and family.
I have precious keepsakes, things I hold dear.
I have precious memories of loved ones who are no longer with me in the physical sense.
What is of value to you? Is it your lover. Is it your family or an antique passed through generations down to you in memory of your heritage. Is it a ring forged in the fire pits of Mount Doom by Lord Sauron himself, the Dark Lord’s last effort plot to win domination over Middle-earth? Well I’m not sure I’d be willing to go to the same efforts as Frodo for middle world peace. I probably would have gone with a trip to a middle earth ocean trench and then thrown it into the deep abyss. Unless there’s an app in middle earth called find my I-ring, I’d say the Orc’s have as much chance in finding it as they would finding flight MH370.