Draw a circle round item of jewellery (4)
I believe the answer is:
ring
I believe this is a double definition.
'draw a circle round' is the first definition.
(ring can mean to draw a circle round something)
'item of jewellery' is the second definition.
(I've seen this in other clues)
(Other definitions for ring that I've seen before include "Circular, band of metal say" , "Group operating illegally < call" , "Make sound like phone" , "Buzz" , "Circle that's square for boxers" .)