What did he do with the precious stone?
'Rashi': He sunk gems into the gold on the walls for glory and beauty.
Malbim: They used it to cover the top 10 Amos of the Devir (Kodesh ha'Kodoshim), the [small] Bayis. The previous verse discusses "ha'Bayis ha'Gadol", i.e. the Heichal. This resolves 1 Melachim I, 6:20, which says that the Devir was 20 Amos and covered with gold. It was 30 Amos tall! Rather, up to 20 Amos was covered with gold, and the top 10 Amos with precious stones.
For other resolutions, refer to Melachim I, 6:20:2:1,3.
What is "Parvayim"?
'Rashi': It is the name of a place.
'Rashi' citing Yuma 44b: It resembles blood of Parim (oxen) due to its high quality and redness.
