It's a beautifully made badge, and in very good condition - both original silver lugs intact. There is an example of an other ranks badge illustrated in COX's book on the badges of the British Empire ( 2696 ) p299.
The Assam Bengal Railway Volunteer Rifles, hallmarked 1907 silver badge JR GAUNT, would be an ideal fit for collectors interested in Indian military history, particularly that of the British Raj period.