That does appear to be separation of the pamor layer from the steel core, it would surprise me if this keris did not have a core, it appears to have some age, and this type of pamor is not usually found in a keris made purely for decorative purposes.
However, to be certain that it does have a core we would need to examine both sides at the same time, looking at both edges simultaneously so that we could see the same separation, or if not the actual separation, the line of demarcation between core & pamor layer, at the same place on the blade, on both sides of the blade.
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