I would guess a veteren (?) association for the italian Bersaglieri (an elite unit of the Italian Army). Probably WWII as the Italian Facist symbol has been removed.
My greatest fear is that one day I will die and my wife will sell my guns for what I told her I paid for them
"Don't tell me these are investments if you never intend to sell anything" (Quote: Wife)
I think the same.very nice piece Dean.