@cshubhra , thanks for the reply sir. I too, believe that it is meerschaum and amber.In my opinion the pipe is an old meerschaum pipe. The stem is possibly amber.
@Iraisch,The pipe stem maybe made of amberoid and in fact, may be a cigarette holder.
The lighter appears to show a French "75" and possibly a French flag. The woman appears to be pouring a drink for a Poilu. Perhaps a patriotic theme after World War 1?
@anotherbob , thanks for the reply man! I agree that it is pretty neat. I can tell it has seen use at ssome point during it's existence. It doesn't have and residual tobacco smell or taste, but it does seem to have a thin layer of cake.the pipe is for cigars probably cheroots. Not something people seem to use these days. Pretty neat.