Elegant and splendid in colour (7)
I believe the answer is:
refined
'elegant' is the definition.
(I know that elegant can be written as refined)
'splendid in colour' is the wordplay.
'splendid' becomes 'fine' (I've seen this in other clues).
'in' means one lot of letters goes inside another.
'colour' becomes 'red' (red is a kind of colour).
'fine' put inside 'red' is 'REFINED'.
'and' acts as a link.
(Other definitions for refined that I've seen before include "Urbane" , "Polished" , "Tasteful; genteel" , "Discerning" , "Freed from impurities by processing" .)