Current bridge player holding clubs and diamonds (3)
I believe the answer is:
ice
'diamonds' is the definition.
(slang term for diamonds)
'current bridge player holding clubs' is the wordplay.
'current' becomes 'I' (physics symbol).
'bridge player' becomes 'e' (bridge players are North, East, South, West).
'holding' indicates putting letters inside.
'clubs' becomes 'c' (abbreviation in card games).
'i'+'e'='ie'
'ie' placed around 'c' is 'ICE'.
'and' is the link.
(Other definitions for ice that I've seen before include "Being feeble, can't cut any" , "Girl's best friends" , "Glaze" , "Diamonds (slang)" , "Diamonds, colloquially" .)