Don't worry, your Ikon handle is 316 stainless steel. Handles are relatively easy to make and the price reflects this. Heads are much more complicated and, thus, cost more. Ikon make some pretty good aluminium heads which are worth looking at.I was under the impression that stainless steel razors are of higher quality than Zamak and more suited for razors that you intend to keep around forever. I have seen a few reports of the treads breaking off of Zamak caps, and I think that I read in the wiki that you should only expect these heads to last around 10 years tops.
I don't know much about metals and alloys but I'd love to have a stainless steel razor simply because I want a quality razor that I can pass down. Unfortunately, they're way out of my price range. Stainless steel handles can be had for quite cheap but heads seem to start at around $100. I have an iKon Bulldog handle that is apparently stainless steel but now I suspect that it might be made of some other materials considering how inexpensive it is when all other 100% stainless steel razors cost hundreds.