Chancy lode's production of precious stone (10)

I believe the answer is:

chalcedony

I'm a little stuck... Click here to teach me more about this clue!

'precious stone' is the definition.
'chalcedony' can be an answer for 'stone' (thesaurus). I'm unsure of the 'precious' bit.

'chancy lode's production' is the wordplay.
'production' indicates an anagram.
'chancy'+'lode'='chancylode'
'chancylode' anagrammed gives 'CHALCEDONY'.

'of' acts as a link.

Can you help me to learn more?

(Other definitions for chalcedony that I've seen before include "mineral" , "Gem" .)

I've seen this clue in the Sydney Morning Herald.

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