Not sure I fully understand. There are only two parts/types of metal, the silverish grey (appears as two colours in the picture) and the dark blade which is the core and held by the outer layer.

If I were to grind more off the dark, there would be no more blade to cut with. So I'm reluctant to shave off more further down. What would be the benefit?

Update: Yes it can be saved, thanks for all the helpful tips. Grinded it down with a waterstone to the lowest point of the dent and rounded it off in the front. It cuts like butter and I'm happy to give it another couple cooks at least.

Love it, thanks for the nerdy deep dive. I appreciate the details.

So I think I did a pretty solid job. Turns out after cleaning there are two layers, the inner part which is the blade and another bit essentially enclosing from both sides. You can see the color changes. With a few tens of passes on the 400 grit I brought the blade down to the lowest dent and then rounded it off. Cuts through veggies like butter and I will keep an eye on additional cracking.

Sharpening should be manageable, even DIY. Getting a blacksmith to forge in a new blade sounds very specialised and pricy, but worth asking around if the sharpening won't work

This is good advice, cheers!

Thanks, I'll definitely run it over my waterstone a few thousand times and see the progress. Can't see the core fr the front but we have some very old school craftspeople around that offer sharpening courses, they will be my escalation point.

They're great, I have their serrated knives which are amazing