The most common and most likely answer to this crossword clue is the 13 letter word KALEIDOSCOPIC
I've seen this crossword clue in The Times
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More clues leading to the result KALEIDOSCOPIC
Buddy explains!

The straight part
We know that "giving wonderful colour effects" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case giving wonderful colour effects = kaleidoscopic.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does KALEIDOSCOPIC mean?
KALEIDOSCOPIC adjective- Of, relating to, or produced by a kaleidoscope.
- Brightly coloured and continuously changing in pattern, as if in a kaleidoscope.