Thanks for your responses.
@kmanstudios I was told that the example model I have attached was printed with an Ultimaker 3d printer. That made me curious to understand how it was made from an image. As per earlier comment about color, I guess after printing, they might have hand painted the miniature.
At the point, the main question I think is the way to get a 3D model out of an image. I believe once a 3D model is available, printing it in Ultimaker might not be a huge challenge.
I'll also review 3d inkjet printers and see if they work for me..