I want to thank everyone for their opinion. It is rather large to be a sweetheart pin, and does have lugs. As to quality, it is AT LEAST as well made than most original period badges I have examined. It is very high quality. Perhaps in the photos it looks like cheap white metal. With so much work spend on it by the manufacturer, if not real, I would think it may have been deliberately made to deceive. I'm sure we have all seen cheap knock offs of various badges, RNAS Armoured Car Section badges come to mind. This is well about this quality in weight and detail.
Hi Simon, I noticed the one in the link is not hallmarked. While I agree many Gaunt markings are raised, I have had some that were recessed.
Robert