Engraving certainly do have their significance! Most khyber knives are plan or sparcely decorated. This blade on the other hand is quite lavish. I also doubt that these engravings are a new addition. Unfortunately, same can not be said about the hilt. To me it looks like the entire hilt had been replaced, and possibly quite recently. Even if the framework for the hilt and the bolster are old, grip scales appear to be rather new.
In any case, the blade makes up for a rather simple hilt. You should try etching it - it may turn out to pleasantly surprise you
