Gold lace with gold braids oddly missing (5)
I believe the answer is:
orris
'gold lace' is the definition.
(I've seen this before)
'with gold braids oddly missing' is the wordplay.
'with' is a charade indicator (letters next to each other).
'gold' becomes 'or' ('or' is the heraldic name for gold).
'oddly missing' indicates alternate letters.
The alternating letters of 'braids' are 'ris'.
'or' next to 'ris' is 'ORRIS'.
(Other definitions for orris that I've seen before include "Perfume ingredient from irises" , "Iris with fragrant rhizome" , "Percussion instrument" , "Perfume root" , "Flag" .)