The Collaborative International Dictionary of English v.0.48:

Elemi \El"e*mi\, n. [Cf. F. ['e]lemi, It. elemi, Sp. elemi; of
   American or Oriental. origin.]
   A fragrant gum resin obtained chiefly from tropical trees of
   the genera Amyris and Canarium. Amyris elemifera yields
   Mexican elemi; Canarium commune, the Manila elemi. It is
   used in the manufacture of varnishes, also in ointments and
   plasters.
   [1913 Webster]

WordNet (r) 3.0 (2006):

elemi
    n 1: fragrant resin obtain from trees of the family Burseraceae
         and used as incense [syn: elemi, gum elemi]