Thats a real laminated blade, forging flaws from lack of flux just like the originals, But The Chinese fakers can do that.{they have done it for years, only there poorest & commonest fakes are just etched.} Looks like ithe blades been around a while though.
Its quick ,fast ,rough course lamination, just like the genuine old Tibet work, but just look at handle, scabbard & scabbard stiching, it real low quality junk all round.
I guess theres a 25% chance {IMHO of course.} that its a real old blade with "restored fittings & scabbard" to use western dealers & collecters current parlance.
Spiral