Neckwear item, possibly one piercing a nearby feature (5)
I believe the answer is:
chain
'neckwear item' is the definition.
(I've seen this in another clue)
'one piercing a nearby feature' is the wordplay.
'one' becomes 'I' (Roman numeral).
'piercing' is an insertion indicator (some letters pierce a hole in others).
'a nearby feature' becomes 'chan' (I can't explain this - if you can you should believe this answer much more).
'i' inserted inside 'chan' is 'CHAIN'.
'possibly' is the link.
(Other definitions for chain that I've seen before include "Fetter" , "Line of links" , "Concatenation" , "Event series" , "Wickets so far apart in cricket" .)