I don't have much of an idea of any narrow date range of the style or craftsmanship, but it could also be recently made, and intended to look old. You really need to know where this came from and how it was obtained.
I doubt that it is a modern fake, for the following reasons. Very few people with the skill to create an original wax form, especially with the intricacies that this piece has, also have the skill necessary to alloy and successfully pour a casting like this. And amongst those who do, fewer still have the skill to cut and polish the stones. And if more than one person contributed to it's making, they would have to split any profit from it, also.
Considering the time it would take to create this piece, I doubt it would be worth someone's time, considering what it might be sold for, because without a matrix of solid provenance it would not be an item that a high-end collector would pay top price for.
But if it matched other pieces of proven origin, that would increase it's possible worth, even without a documented chain of ownership, or certification of treasure recovery. But if it does closely match other known pieces, either as a duplicate or part of a set, or a known craftsman or company's particular style, then the possibility of a forgery comes back into play, also, as it's possible worth goes up.
Just like any piece of jewelry, however, buyers generally demand to know where it came from, and thus prove if it was obtained legally, as it could be their total loss if it were not.
As it stands, it really looks like it could be a very old piece, with the odd shaped stones, and their full bezel mountings, and the unusual method of mounting the pearls. The four missing pearls, and the signs of repair further add to the consideration of antiquity.
But without some kind of supporting provenance, I would think that it's value would be too uncertain for a skilled person, or more likely persons, to create it as a fake. If they are that good, they can easily make their own fortune legitimately, with far less risk.
A piece such as this, but with unknown source, might not be good to have around. Who knows, the government might even claim it's rightfully theirs! With no provenance, how could you deny it?
