Milky gem (4)
I believe the answer is:
opal
'milky gem' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for opal that I've seen before include "Milky iridescent stone" , "One in a ring perhaps" , "Milky-white gem" , "Variegated gemstone" , "Semi-precious stone of milky or bluish colour" .)