Primitive Looking Rune Necklace

This unusual 3-part pendant hangs on a rawhide adjustable "rope". It is meant to be a throw-back design of long ago imo, with its concentric circles of different metals and a natural looking turquoise stone. The outside silvertone circle has what looks to be rune inscription, but I am unsure of this fact. The largest circle measures 1.25 inches in diameter.