Phil,
Cutler's resin...or whatever the name for such is in Hindi.
A mixture of pitch, bee's wax and powders which act like an adhesive. The blade and hilts were done by different folk and married by a third. (or maybe ten or more hands touch the work before it is "done")
The handles can be soaked in boiling water or hot oil and the resin becomes soft again and in this way the blade can be removed for whatever reason (change of fashion with the hilt, severe re-work done to the blade,broken blade replacement etc)
Cutler's Resin was rather the way of things for most cultures..Scandinavian and English Sheffield knives were the same in many respects with the resin....I have seen resin colored white,red and black...this hilt has black.
Think of it like removable bedding compound.
Ric