Unto you therefore which believe he is precious: but unto them which be disobedient, the stone which the builders disallowed, the same is made the head of the corner, Unto you therefore which believe - You, both Jews and Gentiles.
He is precious - Ὑμιν ουν ἡ τιμη τοις πιστευουσιν· The honor is to you who believe; i.e. the honor of being in this building, and of having your souls saved through the blood of the Lamb, and becoming sons and daughters of God Almighty.
Them which be disobedient - The Jews, who continue to reject the Gospel; that very person whom they reject is head of the corner - is Lord over all, and has all power in the heavens and the earth.