Welshman possibly, with last of dairy’s cream (5)
I believe the answer is:
ivory
'cream' is the definition.
(ivory is a cream colour)
'welshman possibly with last of dairy's' is the wordplay.
'welshman possibly' becomes 'Ivor' (Ivor is a common Welsh name).
'with' is a charade indicator (letters next to each other).
'last of' says to take the final letters.
The final letter of 'dairy' is 'y'.
'ivor'+'y'='IVORY'
(Other definitions for ivory that I've seen before include "Substance in elephant tusks" , "recluse's tower?" , "Piano-key" , "Cream" , "Shade of white" .)