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Show off national treasure’s privates (5,6)

Ross

I believe the answer is:

crown jewels

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'privates' is the definition.
Although both the answer and definition are singular nouns, I don't understand how one could define the other.

'show off national treasure's' is the wordplay.
'show off' becomes 'crow'.
'national' becomes 'n' (abbreviation listed in Chambers).
'treasure's' becomes 'jewel's' (jewel is a kind of treasure).
'crow'+'n'+'jewels'='CROWN JEWELS'

Can you help me to learn more?

(Other definitions for crown jewels that I've seen before include "Valuable regalia" , "Tower of London sparklers" , "national treasures" , "held in the Tower of London" , "Monarch's regalia" .)

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