Hanging around to lie about an item of jewellery (9)
I believe the answer is:
loitering
'hanging around' is the definition.
('loiter' can be a synonym of 'hang around')
'to lie about an item of jewellery' is the wordplay.
'about' is an anagram indicator.
'an item of jewellery' becomes 'ring' (ring is a type of jewellery).
'to'+'lie'='tolie'
'tolie' anagrammed gives 'loite'.
'loite'+'ring'='LOITERING'
(Other definitions for loitering that I've seen before include "Lingering" , "Hanging around or lurking" .)