Hi, these are the answers,
1. Emeralds, rubies and pearls are compared to glitter.
2. The line "as the glitter of a rainbow tricking out empty air" shows the transactions of a rainbow.
3. The lines "would hang on the cheek of time in the form of this white gleaming Taj Mahal" & "Though emeralds, rubies, pearls are all but as the glitter of a rainbow tricking out" .
Hope it helps you..
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( Answered by Benjemin)