"What did you say?"

"Nice earing"

"Very fine"

"Expensive"

This gesture usually comes with a sound like "Oah".  Click to hear it. From what I can tell it means "very fine".  For example, Tio 'Nando (Uncle 'Nando) was talking to me and told me that he found a very nice wine.  When trying to describe the taste, he used this gesture accompanied by the sound.