We all have ideas of what might make certain things in this world precious to us. Time can be precious. Material objects can be precious. Thoughts and attitudes hidden deep in our hearts may seem precious to us. Of course, there are those certain loved-ones born to us that represent the very definition of precious.
When we consider all that this world has to offer, there is nothing more precious than faith in Jesus Christ. Faith in Christ is "saving faith." We are now placed in a category based on how God sees things. And that category is that we have been rescued out of this fallen world. We no longer belong to this world. We belong to God through Jesus Christ. That is precious faith.