Yes, this was my first impression also, when I looked at the photo, Queen Mary's and the London fringes. Lovely to see HM wearing the two fringes, but the one I like most to see on HM is indeed Queen Alexandra's fringe tiara. It looks higher on the Queen's head and more regal. Not my favourite fringe, but it does look splendid on HM.
Is it known the provenance and name of the brooch? I have the feeling it is worn in honour of New Zealand, perhaps a gift from a previous visit but I have no references on it.