When Peter wrote to the believers scattered in exile, many of them Jews, He reminded them of their special place and calling:
But you are a chosen race, a royal priesthood, a holy nation, a people for His own possession, that you may proclaim the excellencies of Him who called you out of darkness into His marvelous light. 1 Peter 2:9
He drew upon a verse they would have known well:
Now therefore, if you will indeed obey My voice and keep My covenant, you shall be My treasured possession among all peoples, for all the earth is Mine; and you shall be to Me a kingdom of priests and a holy nation. Exodus 19:5-6
In this Exodus passage, we find a first use of the word segullah, meaning treasured possession.
Segullah refers to a personal possession, but not a common one. One that is special, valued, protected, probably bought at a high price. God tells Israel they are that special possession.
When Peter calls believers God’s possession, he does it in reference to that same passage (maybe as a remez). We as believers, the church, belong to God as both His creation and then by purchase of redemption. But we do not just belong to Him, we are a precious possession, bought at a high price, valued and protected.
I need that reminder sometimes – that we not only belong to God but that we are His cherished jewel. What confidence that gives me – that I am protected and safe in Him. What joy that I am loved and set apart by the Creator of the universe. Beloved, rejoice! We are His treasured possession.