So "bulat" is nothing more than the Russian word for wootz.
There are many modern bladesmiths who can make very good quality wootz in US, Germany, Russia and in the Scandinavian countries. They all attempt to replicate the patterns and properties of antique wootz.
Among the best of them are the Georgian Zaqro Nonikashvili and the Russian Ivan Kirpichev. I have seen a blade made by Kirpichev that comes very close to the Kirk Narduban pattern of ancient Persian wootz.
Yet, from all I have seen, none of the modern wootz makers managed to get the same mesmerizing watering as the old masters, albeit their blades are in most cases mechanically superior.
PS: The mechanical properties of wootz are not that impressive when compared to modern steels. Even the average kitchen knives of our times have in most cases better mechanical properties. Wootz had the merit of holding the crown for best steel up to approximately 16th century when it was surpassed by the European steels made in Toledo, Solingen, etc.
PPS: Regarding this blade, I do not see any indication that it may be anything else but monosteel, so etching will only contribute to the advancement of corrosion of the blade.
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