According to rct.uk:
Watercolour miniature on ivory depicting Edward VII in Field Marshal's uniform with Garter sash and ribbons in front of Queen Alexandra who wears a white dress, pearl choker and crown. It is set in an oval frame of pearls and diamond crosses patées to form a badge of the Family Order of Queen Alexandra. The badge belonged to Princess Victoria: https://www.rct.uk/collection/441474/family-order-of-queen-alexandra

It looks like Alexandra is wearing a simple diamond frame with fleur de lys. The badge is dated 1902, so is she wearing Queen Victoria’s fleur de lys from the Regal circlet on a smaller frame in the minature?
It can’t be the «new» Regal circlet Alexandra comissioned ca. 1910.

See image on RCT: https://www.rct.uk/sites/default/files/collection-online/e/7/145774-1292773628.jpg