Fine material right for Queen to wear — it's glossy (7)
I believe the answer is:
lacquer
'it's glossy' is the definition.
(lacquer is glossy)
'fine material right for queen to wear' is the wordplay.
'fine material' becomes 'lace'.
'right' becomes 'r' (common abbreviation).
'for' says to put letters next to each other.
'queen' becomes 'qu' (abbreviation for queen).
'to wear' is an insertion indicator (to wear something is to be covered up by it).
'lace'+'r'='lacer'
'lacer' going around 'qu' is 'LACQUER'.
(Other definitions for lacquer that I've seen before include "Shellac coating" , "Shellac and alcohol hair spray" , "Apply a sleek, glossy coat" , "Glossy resin coat" , "Varnish; hair-spray" .)