Sondheim gutted, say, after Rolling Stones (4)
I believe the answer is:
gems
'stones' is the definition.
(precious stones)
'sondheim gutted say after rolling' is the wordplay.
'gutted' says to hollow out the word (remove centre letters) (to gut something is to remove its insides).
'say' becomes 'eg' (both can mean for example).
'after' means one lot of letters go next to another.
'rolling' says the letters should be written backwards.
'sondheim' with its middle taken out is 'sm'.
'sm'+'eg'='smeg'
'smeg' reversed gives 'GEMS'.
(Other definitions for gems that I've seen before include "Valuable stones" , "Precious stones" , "Jewels" .)