Appreciating commercial, note piece of jewellery (8)
I believe the answer is:
admiring
'appreciating' is the definition.
(I've seen this before)
'commercial note piece of jewellery' is the wordplay.
'commercial' becomes 'ad'.
'note' becomes 'mi' (as in 'do re mi').
'piece of jewellery' becomes 'ring' (I've seen this before).
'ad'+'mi'+'ring'='ADMIRING'
(Other definitions for admiring that I've seen before include "Looking up to" , "Regarding highly" , "Having a high regard for" , "Appreciating" , "Approving" .)