New land area provides iridescent material (5)

I believe the answer is:

nacre

I'm a little stuck... Click here to teach me more about this clue!

'iridescent material' is the definition.
'nacre' can be an answer for 'material' (nacre is a kind of material). I am unsure of the 'iridescent' bit.

'new land area' is the wordplay.
'new' becomes 'n'.
'land area' becomes 'acre' (I've seen this before).
'n'+'acre'='NACRE'

'provides' acts as a link.

Can you help me to learn more?

(Other definitions for nacre that I've seen before include "Pearl's mum" , "Mother of pearl" , "Constituent of inlay furniture" , "Mother-of-pearl - crane (anag)" , "valuable material" .)

I've seen this clue in The Independent.

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