Peripherally, uncover new vase (3)
I believe the answer is:
urn
'vase' is the definition.
(both can mean a container)
'peripherally uncover new' is the wordplay.
'peripherally' suggests removing the centre (only the 'peripheral' letters in the word are kept).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'uncover' with its centre removed is 'ur'.
'ur'+'n'='URN'
(Other definitions for urn that I've seen before include "Pot for human ashes" , "Ornamental vessel" , "tea maker" , "Large vase for holding ashes of dead person" , "Source of tea" .)