Hi folks

The badge pictured below was given to me by my parents when my Grandfather passed away.

I came across it again yesterday and have no idea what it is. I've tried a few sites (and lots of Googling!) but thus far the only hint I've had is from someone who thinks it might Italian!

I think it's a cap / beret badge and on the reverse has two threaded attachments with small, well, nuts (as in bolts!) which screw on to hold the badge in place.

Any help would be hugely appreciated.

Thanks in advance.