Deliver ring covered by favourite semi-precious mineral (7)

I believe the answer is:

peridot

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

'semi-precious mineral' is the definition.
'peridot' can be an answer for 'mineral' (I've seen this before). I am not certain of the 'semi-precious' bit.

'deliver ring covered by favourite' is the wordplay.
'deliver' becomes 'rid' (e.g. deliver us from evil).
'ring' becomes 'O' (letter resembling a ring).
'covered by' indicates putting letters inside.
'favourite' becomes 'pet' (synonyms).
'rid'+'o'='rido'
'rido' placed into 'pet' is 'PERIDOT'.

Can you help me to learn more?

(Other definitions for peridot that I've seen before include "Gem" , "olivine" , "Pale green gemstone" , "Top ride (anag) - gemstone" , "I deport (anag) - gemstone" .)

I've seen this clue in The Times.

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