The most common and most likely answer to this crossword clue is the 8 letter word SHANTUNG
I've seen this crossword clue in Financial Times
S
H
A
N
T
U
N
G
More clues leading to the result SHANTUNG
Buddy explains!

The straight part
We know that "silk fabric" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case silk fabric = shantung.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 SHANTUNG mean?
SHANTUNG noun- A heavy fabric, with a rough surface, made from wild silk.
- A fabric of some other material having the same characteristics.