Just tidying up some blasts from the past (including some very ancient ones), largely for the benefit of anyone searching the site for information.
That’s an Italian hallmark for 750K gold (18 Karat). The ’38 VA’ mark is the registration number of the jeweller and the city of registration. ‘VA’ is for Varese and ‘38’ is for Colombo & Tursi of Corso Sempione 74, Gallarate.
From 1934, the format was a ‘fascio’ (an axe wrapped by a bundle of rods as a symbol of fascism) in the centre of the lozenge between the letters and the numbers, but the fascio was dropped in 1944 so the earrings are from after that change. Colombo & Tursi had registrations between 1938-1949 and then seem to have gone out of business, since there are no registrations between 1955 and 1971.