To expand a bit as to how to choose the value:
If you are using Gems and they are something you CAN earn in game, then you can base the cost on the time it takes to earn them.
Most importantly, you should choose a value that you might be willing to pay, not just a value that you would like to earn.
If you are using Gems and Gems are NOT something you can earn in game directly. Then you could base the cost of Gems on their relative value in exchange for game items you CAN earn in game.
So for example lets say my game uses gold pieces as currency, and I setup Gems on my store so people can buy them and exchange them for gold pieces and/or other gear/etc..
If it takes me 1 hour to earn 100 gold, it may be worth it to buy 80 Gems for .99 if 80 Gems will get me 800 gold pieces.. etc..
It has to do with time/effort vs. cost.
It has feel like the exchange is Valuable to the player or it won't be of any value to you, the game producer.