Inlay carved regularly from this material (5)
I believe the answer is:
nacre
'this material' is the definition.
(nacre is a kind of material)
'inlay carved regularly' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'inlay'+'carved'='inlaycarved'
The alternating letters of 'inlaycarved' are 'NACRE'.
'from' acts as a link.
(Other definitions for nacre that I've seen before include "Pearl's mum" , "Mother of pearl" , "Mother-of-pearl from shellfish" , "Mother-of-pearl - crane (anag)" , "valuable material" .)