Shakes, with ice (5)
I believe the answer is:
rocks
I believe this clue is a double definition.
'shakes' is the first definition.
('rock' can be a synonym of 'shake')
'ice' is the second definition.
(both can informally mean diamonds)
'with' acts as a link.
(Other definitions for rocks that I've seen before include "Regular moves to get child off" , "Large stones" , "Excites" , "is brilliant" , "Boulders" .)