The black edge is phenolic. The fossil ivory is sleeved over the phenolic. It looks like 2500 year old ivory but has the strength, stability & playability of phenolic. It's a virtual 360 degree veneer. The purpose of leaving the phenolic lip is to protect the ivory from damage. Once screwed together, it doesn't show evident anymore.
More pics:
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That thing is NASTY. I LOVE the grain in the handle, and the walrus ivory looks fantastic with that wood combination. What a great looking cue.