precious stone

noun
a gem distinguished for its beauty and rarity, used in jewelry.

Origin:
1250–1300; Middle English

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
precious stone
 
n
any of certain rare minerals, such as diamond, ruby, sapphire, emerald, or opal, that are highly valued as gemstones

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The price per carat of a precious stone increases with size.
Surely all the treasures that he had before were as nothing compared with this
  precious stone that brought up the rear.
Sometimes they are as richly diaphanous as a precious stone, and glow from
  within with a deep, inexplicable light.
These small trays are often carved with intricate designs and inlaid with
  semi-precious stone and/or shell.
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