High costs in Europe for diamond, say (8,5)
I believe the answer is:
precious stone
'diamond say' is the definition.
(diamond is a kind of precious stone)
'high costs in europe' is the wordplay.
'high' indicates anagramming the letters (like drunk).
'costs'+'in'+'europe'='costsineurope'
'costsineurope' with letters rearranged gives 'PRECIOUS STONE'.
'for' acts as a link.
(Other definitions for precious stone that I've seen before include "Diamond, perhaps" , "rock" , "Gem or jewel" .)