JJ,Looks like a German engraver did the engraving,maybe Emma from up state N.Y. J.J.
when I had my fox bst engraved in 61 they offered gold or silver , gold was 35$ per inlay I went with silver at $15 total price gun and engraving 150This rifle was engraved by a Japanese engraver using German style scroll. Over the years I have seen many guns that were engraved in Japan for occupation troops or by Japanese engravers who came to the US on work visas.
While the scroll on this gun looks German at first blush, there are several characteristics that tell me that it was done by someone trained in Japan. As Mitch mentioned above, the total lack of shading in some of the leaves is one indication and the manner other leaves are shaded is another. Also, take a look at the way the background is removed. Very characteristic of Japanese work. The fact that it is gold inlaid is somewhat unusual because the majority of inlaid Japanese work, done in Japan, is done in silver. This may indicate that the work was done in the US by REI Engraving of Illinois or by Ken Eyster Gunsmithing of Dayton, Ohio. Both of those firms used imported Japanese engravers.
Another factor is the way the receiver has a purple cast. That was common on Japanese reblues.
The V shaped stamp in the picture is not the engraver's mark. It is a factory assembly mark.
I hope this information is helpful.