Matchless pearl in no setting (9)

I believe the answer is:

nonpareil

'matchless' is the definition.
('nonpareil' can be a synonym of 'matchless')

'pearl in no setting' is the wordplay.
'setting' indicates an anagram.
'pearl'+'in'+'no'='pearlinno'
'pearlinno' anagrammed gives 'NONPAREIL'.

(Other definitions for nonpareil that I've seen before include "Super model" , "Unequalled" , "A variety of apple" , "Peerless" , "Unrivalled person/thing" .)

I've seen this clue in The Telegraph.

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