I have several folding karambits. I carry the 5.11 Tarani Journeyman karambit at work each night. It is lightweight and I don't notice it as much in the pocket. The journeyman blade is made from 154CM steel and the handle is an FRN type material similar to what you find on most Spyderco knives. This keeps the weight down. The 5.11 Master's model has a blade made from S30V and the handle is made from G-10. It also has a solid steel piece around the ring which adds extra weight.
Personally I find the 154CM blades on the 5.11 Journeyman model a little sharper out of the box when compared to the S30V of the Master's model. Both are winners and you cannot go wrong with either. Don't be afraid of the cheaper Journeyman model.
Most other times I carry an Emerson combat karambit folder. I hated the wave opener at first but have grown to appreciate it over time. I have no problems with the Emerson and it gets much carry and sometimes I even carry two! The fact that it has a liner lock doesn't bother me. This entire liner lock vs. framelock vs. back lock argument is really a tough one to decide on.
The 5.11 is a little larger karambit but also thinner in profile than the Emerson. The ring opening on the 5.11 models is larger than the Emerson and will accommodate those with larger diameter fingers. The biggest complaint of the Emerson for many is the smaller ring diameter. So.....if you have larger fingers you may have trouble with the Emerson ring.
I appreciate all three models of the folding karambit and you should consider the ring opening size, carry weight, and overall size of the karambit. The 5.11 has a slight more aggressive curve to the blade as well.
At this time the Emerson is somewhat difficult to find.......until the next run is complete. The best pricing on the 5.11 versions is usually found at
www.newgraham.com