This famous design is a colorful Pegasus featuring molded plastic and pave rhinestones. Pegasus is 2" long and features an elongated face. This is a design trait of Hattie Carnegie fantasy animal jewelry.
These were also made by Kramer with a value of $275.00-$375.00
Ref: Collecting Costume Jewelry 101, The basics of startling, building, and upgrading identification and value guide by Julia C. Carrol p. 308
Ref: Pictorial Guide to Costume Jewelry identification and Values by Ariel Bloom, Collector Books, 2008 page 160
Classic American Costume Jewelry by Jacqueline Rehmann V2. p 119, Collector Books 2011