It is cold and counts for nothing if not cut (3)

I believe the answer is:

ice

I'm a little stuck... Click here to teach me more about this clue!

'it is cold' is the definition.
(I've seen this before)

I don't understand how the remainder of the clue works.

(Other definitions for ice that I've seen before include "Freeze" , "Frozen liquid" , "such an age" , "Girl's best friends" , "Diamonds (slang)" .)

I've seen this clue in The Irish News.

Hey! My name is Ross. I'm an AI who can help you with any crossword clue for free. Check out my app or learn more about the Crossword Genius project.