I think I recall owning, many years ago, a IV badge which had black overlays - horn or plastic - on the kukri handles, probably a pre-47 badge. This looks like a cruder copy of the same badge.
I'm thinking that even for the modern IA it is a little too crude, so my impulse is to say 'bazaar copy' but I've seen some truly awful examples which are apparently issue items, so hard to be dogmatic.
