I work at a pawnshop in town and most pieces that come in and are marked Italy are in fact real, however, usually the stamp is not that big but its also not that uncommon. If you ever see 14k GP stay away its sterling silver plated in gold usually. If you want to find out just take it to anywhere that buys gold and ask them how much they would buy it for, even if you dont want to sell it they'll acid test it and let you know if its real cause they wont buy fake stuff. Good luck and nice find if its real, my pawnshop buys gold for $20 a gram for 14k
I would also be worried that the only gold is in the clasp only, and not the whole band. I have taken several similar to my dealer, whom I trust, and dismanted them, and only sell the clasp.
So I had it checked today and it was mis-marked. You were right to be suspect. Good news was that the jeweler didn't reject it right away, needed to test it.
Interesting that so many people say pieces marked Italy are likely to be fake. The end in the piece in the OP looks suspicious to me & because of that I would have tested before I bought. On the other hand, the percentage of pieces marked Italy I've had that were fake is very small.