I made this as a Christmas gift for my wife.  The bone used was cow and it was cut out using a Dremel tool and files.  The stain is a wood stain and the gemstone is Peridot…my wifes favorite stone (plus, if you have ever played EQ, the peridot was used to give you extra mana).  I found the original on Pinterest and it was a much larger wood piece.  I can not say if it is based off of any real Viking find or not.

Some notes: