। ॥
In plain words
O Kāmākṣī, Kāma has taken his seat on the sapphire throne of your sidelong glance, and at the auspicious rite of his coronation the splendour of your jewelled earrings is the rippling row of lamps waved in the festival of lights.
Word for word
Kāmākṣī, your glance-great-sapphire-throne having occupied, of the makara-bannered, at the sovereignty-auspicious-rite, the jewel-earring-splendour is the nīrājana-festival-rippling-lamp-row.