The axe head is damasked steel.  The designed are etched in, then glazed with a very tough clear ceramic (even tougher now it is enchanted).  Considering what damasked steel looks like, the designs are actually much less obvious than they appear below.  Especially when the whole damn thing is being waved around and is spattered with blood.
The haft is a wood - probably the nearest equivalent to hickory available - I'd say hornbeam but it doesn't grow in a Scottish climate. The haft is decorated with small black hand symbols, punched/burnt into the wood, which double as a grip. The normal grip parts of the haft are also bound in leather.

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|               *                  \ /                                        |
 |       *            *            ||                                        |
 |        *          *             ||         - \ ~ ^ ~ /-               |
 |            *   *                ||         - \~ .**.~/-              |
 |                                   ||       ---< * * *>---           |
 |         /\   /\ /`\               ||        - /~ `**`~\-              |
 |      /\/  \/\  \/   \ / \         ||              -/ ~\-                  |
 |     /        \       \    \       ||                                        |
 |   /                   \     \     ||                                        |
 ----------------------| *   |-------------------------
                                  |   * |
                                  |*    |
                                  |  *  |
                                  |*  *|
                                  |  *  |
A seven pointed star, formed from seven seven pointed stars, above a stylised mountain.
Dividing the bits, two lines of text, in Korrovian (The text of which I'll make up some time - "Once in a life time you live and love, once in a lifetime you die. Once in a moment, the sun goes down.").
The Rose of Ancelstierre (A Tudor Rose, anyway - you try doing one in ASCII), in the background, a semy of the Trader's Seal.

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|                                   \ /                                        |
 |    <<<\           />>>    ||         /\    /\    /\    /\            |
 |    <<< \        / >>>     ||       /    \/    \/    \/    \          |
 |              \    /               ||      |* * * * * * * * |         |
 |                \/                 ||       | . + . + . + . + |          |
 |        %    /  \   %          ||       |__________ |          |
 |   %  % /      \ %  %     ||                                        |
 |        %/          \%         ||                                        |
 |                                   ||                                        |
 ----------------------| *   |-------------------------
                                  |   * |
                                  |*    |
                                  |  *  |
                                  |*  *|
                                  |  *  |
Crossed keys. In the background a pattern of nine hand-bells (not shown).
Dividing the two bits is the Tower symbol of the Old Kingdom.
A Crown, beneath which an array of symbols (presumably, each Old Kingdom city has some form of heraldic device. A Bridge for High Bridge, a Lymphad for Ganel (made that up utterly - geographically, Ganel is roughly equivalent to Oban, which has a Lymphad, a heraldic Galley, in it's arms), etc. etc.)