Without any rock-solid proof and provenance, I would suspect fake.
The Holocaust and associated items are highly faked.
This particular color coding indicated any of the "asocial" categories, (Roma (Modern day Pakistan and India), Gypsy, nonconformists, vagrants and other groups)
With only one image I would be very hesitant to determine authenticity.
Smitty
Although the specific pattern of insignia was used, the piece shown is not a genuine example. It is indeed a fantasy design.
Carl
One other thing to consider.. The deception ploy of many trying to sell reproductions is to distract from the item for sale as the eyes tend to focus on the backdrop, in this case the Third Reich flag or banner.
Unsuspecting, unknowing and unfortunately uneducated will automatically presume the armband is original since it is paired with a Third Reich flag, which may also be fake, but it is distracting enough to "convince" someone to purchase the armband without giving it a second thought..
Best regards
Smitty
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