Little woman raised precious item (3)
I believe the answer is:
gem
'precious item' is the definition.
(I've seen this in another clue)
'little woman raised' is the wordplay.
'little woman' becomes 'meg' (character in the novel Little Women).
'raised' says the letters should be written backwards (going up in a down clue).
'meg' reversed gives 'GEM'.
(Other definitions for gem that I've seen before include "36 Across or any other jewel" , "A jewel or precious stone" , "Treasured person" , "Kindness; comfort (German)" , "perfect specimen" .)