Sight is marked W. GEHMANN D75 KARLSRUHE W. GERMANY
The W&E are straight forward but the eyepiece is knurled on the front & back and has graduations on it.
It would appear it could be turned to open close the diopter but it is locked solid.
I don't want to take pliers to it if I am just missing something simple.
On the second photo, there is a white index mark on the knurled portion next to the "20".