What is this and why are the gems mounted in wax?

by JayC
(Matteson, IL)

I purchased this (something), because it looked old and interesting. It looks to be eastern in its construction, (perhaps India), but I don't know. I've had it for awhile and today I thought I'd check to see if the "stones" are real or glass...

so I decided to pry a couple of them loose. I was amazed when I found out how easy the stones came out and even more stunned when I saw that they are mounted in wax! Each is "backed" with gold that seems to be flaking off. The piece is about 3 1/2" x 3 1/2" and has about 50 small stones imbedded. What is it? My curiosty really has the better of me.