Proprietor in Swansea regularly wearing gold (5)
I believe the answer is:
owner
'proprietor' is the definition.
(I know that proprietor can be written as owner)
'swansea regularly wearing gold' is the wordplay.
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'wearing' indicates putting letters inside.
'gold' becomes 'or' ('or' is the heraldic name for gold).
The alternating letters of 'swansea' are 'wne'.
'wne' going into 'or' is 'OWNER'.
'in' acts as a link.
(Other definitions for owner that I've seen before include "Holder, proprietor" , "The person in lawful possession" , "The person in legal possession" , "Title holder?" , "One who has something" .)