Gem quality men I see ultimately fancy, but no fine one (7)

I believe the answer is:

oriency

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This clue could be a double definition.

'gem quality men i see ultimately fancy' is the first definition.
I can't judge whether this definition defines the answer.

'but no fine one' is the second definition.
The definition suggests a singular noun which matches the answer.

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I've seen this clue in The Times and The Sunday Times.

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