20th century vintage carved bone cameo miniature in ornate metal frame wall hanging

Vintage ornate metal frame with a cameo mounted on velvet - this looks like carved bone to me, it feels heavier than celluloid. No makers marks, dates or signatures on this piece that I could see, but I'm guessing it's mid-century vintage (1940s - 1970s). The cameo measures 1 1/2" long, and the entire piece (frame and hanger) measure about 7" long end to end.