Early 90's I spent some time in Egypt while working on the Luxor project. I acquired ALOT of material while I was there. This piece came from a smaller more remote village outside the Valley of the Kings. I have had this one stashed away for a long time. It is very old and I would never profess to be an expert on these matters so here is what I can tell you.
It's very heavy - I have alot of scarabs and this one is the heaviest I have. It seems to be more stonelike than softer Faience. There is much reside (dirt) on this piece and I have never attempted to clean it or remove that material. It is very hard and would require more work than I want to do. It measures 1.25" long across the bottom. 7/8" wide. Here's the thing about the hole - it's very precise. The carving of the bug is clearly defined and there is ancient dirt in all cracks. The colors vary from green to turquoise.
What I did learn back then was these people are very poor. They have sold off so much of their heritage just to survive. How old is it? Realistically I have no clue. My best guess would be at least 1,000 years old but again I am not an expert. That said I made a wonderful friend while I was there who took me many places most "tourist" don't even know are there. I climbed a minaret - I shopped the Forbidden City, I traveled to remote villages not on the typical Nile river cruise. It was a wonderful experience and I am glad I was there.