Star laughing about for example receiving diamonds (3,5)
I believe the answer is:
red giant
'star' is the definition.
(I've seen this before)
'laughing about for example receiving diamonds' is the wordplay.
'laughing' becomes 'riant' (riant can mean cheerful or laughing).
'about' indicates putting letters inside.
'for example' becomes 'eg' (short for 'exempli gratia', 'for example' in Latin).
'receiving' means one lot of letters goes inside another.
'diamonds' becomes 'd' (abbreviation for the card suit diamonds).
'eg' enclosing 'd' is 'edg'.
'riant' enclosing 'edg' is 'RED GIANT'.
(Other definitions for red giant that I've seen before include "Large, cool bright star" , "Cool, immense star of high luminosity" , "Large star nearing the end of its life" , "Huge Communist" , "Megastar" .)