It's cut not paste (7)
I believe the answer is:
diamond
'paste' is the definition.
The answer and definition can be both substances as well as being singular nouns.
Maybe they are linked in a way I don't understand?
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for diamond that I've seen before include "60th anniversary" , "Gemstone - baseball field" , "suited one" , "Kohinoor, Hope" , "Form of carbon" .)