One known for modelling gold, wearing studs out (7)
I believe the answer is:
tussaud
'one known for modelling' is the definition.
The definition suggests a singular noun which matches the answer.
'gold wearing studs out' is the wordplay.
'gold' becomes 'Au' (Au is the chemical symbol for gold).
'wearing' is an anagram indicator (wear can mean to become damaged).
'out' is an insertion indicator.
'studs' with letters rearranged gives 'tussd'.
'au' put inside 'tussd' is 'TUSSAUD'.
Can you help me to learn more?
(Other definitions for tussaud that I've seen before include "Marie -, French wax-modeller" , "Waxworks impresario" , "Madame -, French wax modeller" , "Madame ..., wax modeller with London exhibition" .)