Left-side metal radical, the squeezed form of 金 used for metal-name characters. It files 铱 among the element names like 铂 platinum and 锇 osmium, marking it as a metallic element.
Right side 衣 supplies the sound yī with no tone change. Its 'clothing' meaning plays no part here — it is a pure sound tag chosen so the new element name reads yī, matching the international root of iridium.