שמות יט ,ה : וִהְיִיתֶם לִי סְגֻל ה מִכ ל־ה עַּמִיםThe Sforno interprets the words of HaShem as implying that His love is granted to all of mankind but the Jews were His special treasure. This does not mean, however, that only they are precious to Him, rather that relatively speaking the Jews are more precious in the His eyes. This interpretation explains the meaning of the end of the verse “and for all the earth is mine.” Every human being is created in the image of G-d.

Treasure