Store diamonds bagged by gutless accomplice for fence (8)
I believe the answer is:
stockade
'for fence' is the definition.
(stockading is a kind of fencing)
'store diamonds bagged by gutless accomplice' is the wordplay.
'store' becomes 'stock' (synonyms).
'diamonds' becomes 'd' (abbreviation in card games).
'bagged by' means one lot of letters goes inside another.
'gutless' means to remove the middle letters.
'accomplice' with its middle taken out is 'ae'.
'd' inserted inside 'ae' is 'ade'.
'stock'+'ade'='STOCKADE'
(Other definitions for stockade that I've seen before include "Fenced enclosure" , "Fenced penal area" , "Defensive fence of stout posts" , "Cod steak consumed in enclosure as for military prisoners" , "Fortification" .)