Origins of a beaded metal necklace with heraldic symbol

I'm trying to solve the mysery of the origins of a necklace that has
come into my posession.

It's a gold griffin (I think) with a red eye on a purple background,
the crest is outlined in gold.

The necklace looks ceremonial, like something one would be presented
with, so I'm guessing it might be the logo of an organisation.

I think it *might* be old. The beads are metal, and the necklace is
quite weighty and appears handmade. The clasp has also got decorative
engravings on it.

I've posted a similar message on the rec.heraldry board, hoping someone
might know what the crest stands for.

Has anyone seen anything like this before? I'm located in Victoria,
Australia if that is of any help.

- del

Simon...

I certainly think is isn't a logo or similar, since the owner would want
something that was much clearer. It looks a bit like a lion, dragon or
even a pegasus rampant (ie standing on its back legs) which is used by
many organisations from Australian or UK car makers to hallmarks on
silver and royal heraldry. It is probably just decorative with no
particular meaning. If a dragon/griffin it could be of Welsh
significance. Do the colour differences stem from the use of different
metals or to something like colour anodising of aluminium?