I can definitely see this working well as song lyrics. I'm the kind of person who tends to like songs that I wouldn't care for as poems, and I definitely do like this better as a song, so I'm glad that's what it is. I can kind of imagine the way it progresses, even though I don't know the melody or the music, and it looks like it's got a lot of potential. =) I like the repeated references to various precious gems, and the theme and metaphor you've built around that, too. It really helps to tie the whole thing together.
I chose this one because it reminded me of Aladin. I think if they did a modernization of it, this would be good for it. Because really, I think it fits the message they tried to relay. My favorite part was "life will grind you down life will chew you up", because it's the sad truth.