I was struck by the hodge-podge style of decoration: it has repousse, filigree, niello, you name it.
The repousse has rounded edges: not a handwork but rather a machine stamping. The Filigree is very low-quality: the stems do not blend but seem to me just stacked close enough to pass superficial inspection.
Then, if one looks carefully, the silverwork consists of separate segments: repousse on the sides, filigree in the middle (mostly) and there are burn marks (dark spots with bluish tint) where they were soldered together. The nielloed borders are far too fresh and glistening. I am not talking about the blade: it is barbarically overcleaned with some mechanical device (see parellel scratches), but that might have happened even with the real kindjal falling into hands of an overzealous restorer. However, the contrast between the bad state of the blade and the pristine appearance of the silverwork is striking.
Then, the markings: these are not imperial stamps attesting to the purity of silver and recording the lawful tax payment. The faint "inscrptions" on the throat are nonsensical.
Overall, great job to fool a novice or an overeager buyer.
As to the cost... Well, stamping is cheap, the filigree is the simplest technique that can be taught in a day or two to a highschooler looking for a quick job, the materials are low quality silver (or even worse). Overall, I doubt the cost of this kindjal was more than $10 . Not a bad profit....
Nevertheless, the quality of fakes will continue to go up if the demand is there. Caveat emptor!
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