Very special microphone inlaid with silver (5)
I believe the answer is:
magic
'very special' is the definition.
(magic can mean special)
'microphone inlaid with silver' is the wordplay.
'microphone' becomes 'mic'.
'inlaid with' is an insertion indicator.
'silver' becomes 'Ag' (Ag is the chemical symbol for silver).
'mic' going around 'ag' is 'MAGIC'.
(Other definitions for magic that I've seen before include "Marvellous" , "Wizardry - wizard!" , "Unexpectedly produce" , "'Charms, spells, illusions (5)'" , "Supernatural power" .)