Gnomes set new jewels (9)

I believe the answer is:

gemstones

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'jewels' is the definition.
Although both the answer and definition are plural nouns, I cannot see how they can define each other.

'gnomes set new' is the wordplay.
'new' indicates an anagram.
'gnomes'+'set'='gnomesset'
'gnomesset' with letters rearranged gives 'GEMSTONES'.

Can you help me to learn more?

(Another definition for gemstones that I've seen is " Emeralds and rubies, say".)

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