Dukes pinching diamonds took a risk (5)
I believe the answer is:
diced
'took a risk' is the definition.
'dukes pinching diamonds' is the wordplay.
'dukes' becomes 'dd' (I can't explain this - if you can you should believe this answer much more).
'pinching' is an insertion indicator (taking inside).
'diamonds' becomes 'ice' (I've seen this before).
'dd' placed around 'ice' is 'DICED'.
(Other definitions for diced that I've seen before include "cut into little pieces?" , "Played with small cubes" , "getting the chop!" , "Cut into small cubes" , "Gambled or cut into cubes" .)