Ruby perhaps, or maybe Meg (3)
I believe the answer is:
gem
'ruby perhaps' is the definition.
(ruby is a kind of gem)
'maybe meg' is the wordplay.
'maybe' is an anagram indicator.
'meg' is an anagram of 'GEM'.
'or' is the link.
(Other definitions for gem that I've seen before include "Treasured person" , "one of the Cairngorms?" , "Setter might bed this" , "Precious or semi-precious stone" , "Half of 7 [SIGN OF THE ZODIAC]" .)