Yes made in Italy almost certainly by the firm that was run by 2 Bonati brothers and one Conti, they were somewhere in the greater Milano area and sold bikes under the Ciocc, Conti and John brands, and certainly built for others, too. I think the paint (could be what they called Anthracite, a very dark gray) could be the original and probably you'll find the entire rear is chrome plated. (but roughed to allow better paint adhesion where painted).
I love mine, you probably will love yours, too!
Keep us posted with pix as your build progresses.