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perhaps send the picture to these folks at this Collectors website. I found a similar emblem or medal on their website.
I suspect the medal or award emblem had something to do with manufacturing or industry, e.g. the gear emblem embellished with oak leaves and the swastika.
The image is upside down but appears to be a Wehrmacht cap badge with a swastika in the center instead of the cockade. I have seen plain ones with nothing in the center which are early 1935/36 but none like yours. The Swastika inside of a wheel is usually associated with the Deutsche Arbeitsfront ( or German Labor front.
Edited to say: I found a cloth version it is a cap badge for the German Labor Front: