Could be for a watch or pocket watch. In average condition, but boxes of this era are hard to come by. Measures 12cms x 7.5cms x 3.5cms high. No insert just the outer box...

5.5cms square x 1.8cms high. The corners of the box base have pulled away. 

Auth. Scatola del Tempo Eight Pocket Watch Storage Case, new old stock. Measures 26cm x 17.5cm x 7cm. Made in Italy.  

Heavy creasing / fold marks, dated in pencil 6/29/47.