Mounted scarab?

The dimensions of this pendant are about 1.5" long x 7/8" wide x .5" high. The mount appears to be gold, as it is heavy. There is a TINY maker's mark shown on the bottom rim of the piece in the fourth photo. With my jewelers loupe, it looks to be in the shape of a backwards question mark with the upper leg being the head of some sort of monster (gargoyle?). There may be a small dot directly below the monster's head. It might also be a figure crouching over something like a basket. My camera can't come close to capturing it.

I bought this some years ago and put it away, though thought about it from time to time, but wasn't sure where it was. I was trying to shoehorn my new paperweight into a small china cabinet and found it. I have no idea what this is, if it is a real Egyptian scarab that was mounted as jewelry or if it is just a fabricated piece. Any ideas? Thanks for looking!

Categorizing it as costume jewelry until someone who knows more than me chimes in.