Max, since this is a small item, I suspect it's part of a high-class kiddies' tea set.
The Plastic Art Toy Corp. of America, Carlstadt, NJ made quite a few such sets in imitation of items seen on the silver screen. A classic was a plastic replica Wedgwood blue jasper set of the Mad Hatter's tea party - made in the 1950s (though yours looks more modern). The Mad Hatter set had a Wedgwood type cameo picture of all the main characters, rather like yours. Later, this kind of item was made in Japan and elsewhere, and the products became simpler and less "classy", becoming all one piece without the contrasting inserts.
Isn't it ridiculous the arcane bits of knowledge that you pick up and retain against all the odds...
I'm with Frank on this. I'd keep it (and look for more pieces!).