Decoration displayed by craft going round lake (9)
I believe the answer is:
guilloche
'decoration' is the definition.
(guilloche is a kind of decoration)
'craft going round lake' is the wordplay.
'craft' becomes 'guile' ('guile' can be a synonym of 'craft'**).
'going round' means one lot of letters goes inside another.
'lake' becomes 'loch' (loch is a kind of lake).
'guile' enclosing 'loch' is 'GUILLOCHE'.
'displayed by' acts as a link.
(Another definition for guilloche that I've seen is " ornamental borders".)
I've seen this clue in The Telegraph.
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