It looks like it is a flower cutter because of the edges having more than one curve but it would be made with fondant. You could add a bit of Tylose so that the petals do not go flat.
possibly a heart shaped cutter, with the heart turn to the side.
Yah, I think a small heart cutter could be used to give a very close look. Then using a rolling pin, 'spread' maybe 1/2 of the upper part of some those hearts.
Using a small heart cutter would keep you from having to buy a new flower cutter :)