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Cherishes rare set built around unfinished replacement (9)

Ross

I believe the answer is:

treasures

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'cherishes' is the definition.
(I know this)

I cannot understand how the remainder of the clue works.

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(Other definitions for treasures that I've seen before include "Values" , "lots of valuables" , "Holds dear, prizes" .)

I've seen this clue in The Irish Times.
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