Something valuable quietly presented to lord (5)
I believe the answer is:
pearl
'something valuable' is the definition.
(pearls are valuable)
'quietly presented to lord' is the wordplay.
'quietly' becomes 'p' (p for piano and quiet).
'presented to' is a charade indicator (letters next to each other).
'lord' becomes 'earl' (earl is a kind of lord).
'p'+'earl'='PEARL'
(Other definitions for pearl that I've seen before include "Off-white colour" , "Lustrous globule prized as a gem" , "prized example" , "Precious stone from shellfish" , "finest example" .)