I can't make it out either.... can you have a look with a glass, and see if it says Made in Germany in a circle round the inside of the outer ring? It has the look of a lot of Gemma and other German souvenir ware from around 1910-20
edit: I mean the round circle mark has the look of Gemma, not necessarily the figure.
Back from Scotland the Brave..
Tried with a glass.. couldn't make out anything as long as Made in Germany. seems to be a word, but can't read it

Also tried to take new picture of base but the original photo was better by far.