It is the letters of the Hebrew alphabetHebrew alphabet (Aleph-bais) in order, but the letter samech (the fifteenth) is damaged, and the gimel (the third letter) looks like a nun, and the heh (fifth letter) looks like a hes.
The first letter, Aleph, is near one of the points of the star, at around 11 o'clock in the photo.
https://commons.wikimedia.org/wiki/File:Transparent_Alephbet.png