Gemstones, round, given to friends (5)
I believe the answer is:
opals
'gemstones' is the definition.
(opal is a kind of gemstone)
'round given to friends' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'given to' says to put letters next to each other.
'friends' becomes 'pals' (pal is a kind of friend).
'o'+'pals'='OPALS'
(Other definitions for opals that I've seen before include "Milky white and coloured gems" , "jewels" , "Semi-precious stones of milky or bluish colour" , "Translucent gemstones" , "Precious stones" .)