The most common and most likely answer to this crossword clue is the 5 letter word BIJOU
I've seen this crossword clue in The Daily Telegraph
B
I
J
O
U
More clues leading to the result BIJOU
- Small sail curled round, almost gone
- Important, not grand — little woman, superior, stylishly small
- Small and tasteful, insect-flavoured gravy, might you say?
- Finishes off big job you pronounced a gem
- Pretty little girl, keen on Guys and Dolls and open to all?
- Swinging day in Paris for cutting jewel
- Boom’s gone into reverse — you must offload prime item of jewellery
- Refuse to turn out, failing at last minute
- One sister of Beth in British university, small and elegant
Buddy explains!

The straight part
We know that "small and elegant" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case small and elegant = bijou.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 BIJOU mean?
BIJOU noun- A jewel.
- A piece of jewelry; a trinket.
- A small intricate piece of metalwork.
- Small, little (often implying affection)
- (of a residence) small and elegant
- Intricate; finely made