Wax for one red gemstone (4)
I believe the answer is:
ruby
'red gemstone' is the definition.
(I've seen this before)
I cannot understand how the remainder of the clue works.
Can you help me to learn more?
(Other definitions for ruby that I've seen before include "Completely" , "A red jewel" , "Gemstone comprising mainly aluminium oxide" , "killed an assassin" , "Vivid red" .)