Jewel Queen received in a ring (5)
I believe the answer is:
pearl
'jewel' is the definition.
(pearl is a kind of jewel)
'queen received in a ring' is the wordplay.
'queen' becomes 'r' (r is abbreviation regina. e.g. in ER ).
'received in' means one lot of letters goes inside another.
'a ring' becomes 'peal' (I've seen this before).
'r' inserted within 'peal' is 'PEARL'.
(Other definitions for pearl that I've seen before include "Precious gem" , "Lustrous structure in a mollusc shell" , "Gem from the sea" , "Lustrous structure inside an oyster-shell" , "Gem; an attacked Harbor" .)