Cost of woman's silver piercing (6)
I believe the answer is:
damage
'cost' is the definition.
(damage is a kind of cost)
'woman's silver piercing' is the wordplay.
'woman' becomes 'dame' (dame can mean a woman).
'silver' becomes 'Ag' (Ag is the chemical symbol for silver).
'piercing' is an insertion indicator (some letters pierce a hole in a word).
'dame' placed around 'ag' is 'DAMAGE'.
'of' is the link.
(Other definitions for damage that I've seen before include "Detrimental effect" , "Injure, spoil" , "'Deface, impair (6)'" , "Harm, loss" , "Deface, harm" .)