attach tape or a tie-wrap just below the cut, then cut it with a hi-speed blade (ie. a dremel or a bandsaw, wear goggles and gloves)
then when its done, mix some epoxy and smear it on the end to seal off and attach the loose fibers, lit it cure, then remove excess epoxy and re-attach handle .....
i once did a pair like that and from what i know they're still going strong .... (they were for a friend)
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