The phrase "precious gift" refers to something that is highly valued, cherished and considered a treasure. It can be an object or a quality that someone holds dearly and considers valuable in their life. The term "gift" implies that it was given willingly by someone else, making it all the more special and appreciated. When used figuratively, it may refer to something as rare and unique, such as a talent, opportunity, relationship or experience. In essence, anything that is considered precious and valuable in one's life can be referred to as "precious gift."