The most common and most likely answer to this crossword clue is the 6 letter word HOWDAH
I've seen this crossword clue in Financial Times
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More clues leading to the result HOWDAH
Buddy explains!
The straight part
We know that "Seat on jumbo for VIP" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case seat on jumbo for vip = howdah.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 HOWDAH mean?
HOWDAH noun- A seat, usually with a canopy, carried on the back of an elephant or camel.
- An ornate carriage which is positioned on the back of elephants or occasionally other animals, used most often in the past for rich people who travelled in India via elephant.