This is the miniature version of the Baby Girl With a Tree ornament by Inge-Glas of West Germany, titled Baby Doll With Tree on the certificate. The ornament was produced in 1983 from the original antique German mold. The little pink baby is just 2-1/2 inches tall. She holds a green tree and is dressed all in pink with gold glitter to the fur trim of her hood and coat. The ornament is in perfect, mint condition and comes in the original box with dated and numbered (7271) certificate. The metal cap is original, though it appears a little oversized due to the extra narrow pike. UPDATE: While researching another ornament, I found this very same ornament in white rather than pink called Baby Girl Carrying A Tree dated 1980s, valued at $90 to $100 without the box in George Johnson's Pictorial Guide to Christmas Ornaments.
Pink Baby Doll With Tree Inge Glass Christmas Ornament Mint in Box