This is clearly a European made badge (8cm tip of spear to bottom); in view of the provenance (see below), almost certainly by Gaunt's of London. The crossed rifles would appear to represent a pair of Martini Henrys, so it's no surprise that, if they were buying Martinis from the British, their military badges were being made in London as well.

Clearly European made, this badge (8cm tip of spear to bottom) is almost certainly by Gaunt's of London, in view of the provenance (see below). The crossed rifles would appear to represent a pair of Martini Henrys, so it's no surprise that, if they were buying Martinis from the British, their military badges were being made in London as well.