I shared some examples of this design on 3rd April 2019. These are large; approximately 27 mm in diameter. I can’t imagine wearing them myself; a bit garish!
Harry Davies & Co, Ballarat:
Harry Davies (1848-1914) took over from S. Steele at 125-7 Sturt Street, Ballarat in 1882 for his drapery warehouse. His brother Frederick Gillies Davies ( 1857-1922) was his junior business partner.
In 1919 His son, Harry junior, and his daughter-in-law, Avenel, died of the Spanish flu within hours of each other, leaving a one year old daughter orphaned. Another son had died the year before in the war.
Above: A not so subtle advert in The Ballarat Star 11th July 1894. The company became propriety limited around 1914.