diff --git a/crates/proton-sdk/src/telemetry.rs b/crates/proton-sdk/src/telemetry.rs
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+++ b/crates/proton-sdk/src/telemetry.rs
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+//! Pluggable telemetry / structured-observability hooks.
+//!
+//! The SDK records a [`TelemetryEvent`] for each instrumented operation
+//! (transfers, navigation, API calls) and hands it to a consumer-supplied
+//! [`Telemetry`] observer. This mirrors the C# `Proton.Sdk` telemetry layer's
+//! `ITelemetry`-style sink: the SDK measures, the host decides what to do with
+//! the measurements (export to metrics, log, drop).
+//!
+//! Observers are **fire-and-forget and must not block**: [`Telemetry::record`]
+//! is called on the SDK's own task, synchronously, often inside a hot path. Do
+//! cheap work (increment a counter, enqueue) and return; offload anything
+//! heavy.
+//!
+//! Two built-ins are provided: [`NoopTelemetry`] (the default — records
+//! nothing) and [`TracingTelemetry`] (forwards every event to the `tracing`
+//! crate, tying telemetry into the SDK's existing structured logging).
+
+use std::sync::Arc;
+use std::time::Duration;
+
+/// The outcome of an instrumented operation.
+#[derive(Debug, Clone, Copy, PartialEq, Eq)]
+pub enum Outcome {
+    /// The operation completed successfully.
+    Success,
+    /// The operation returned an error (or was dropped before being marked
+    /// successful — see [`OpTimer`]).
+    Failure,
+}
+
+impl Outcome {
+    /// `"success"` / `"failure"` — the label form used by [`TracingTelemetry`]
+    /// and convenient for metric dimensions.
+    pub fn as_str(self) -> &'static str {
+        match self {
+            Outcome::Success => "success",
+            Outcome::Failure => "failure",
+        }
+    }
+}
+
+/// A single measurement emitted by the SDK for one instrumented operation.
+///
+/// `operation` is a stable, low-cardinality identifier (e.g. `"download_file"`,
+/// `"upload_file"`, `"enumerate_folder_children"`) safe to use as a metric name
+/// or dimension. `attributes` carry extra low-cardinality context (e.g.
+/// `("block_count", "12")`); avoid per-request unique values (ids, names) that
+/// would explode a metrics backend's cardinality.
+#[derive(Debug, Clone)]
+pub struct TelemetryEvent {
+    /// Stable operation identifier.
+    pub operation: &'static str,
+    /// Whether the operation succeeded.
+    pub outcome: Outcome,
+    /// Wall-clock time the operation took.
+    pub duration: Duration,
+    /// Extra low-cardinality key/value context.
+    pub attributes: Vec<(&'static str, String)>,
+}
+
+/// A consumer-supplied sink for [`TelemetryEvent`]s.
+///
+/// Mirrors the C# telemetry sink. Implementations must be cheap to share across
+/// tasks (hence [`Send`] + [`Sync`]); the SDK holds them as
+/// `Arc<dyn Telemetry>`. [`record`](Telemetry::record) must not block.
+pub trait Telemetry: Send + Sync {
+    /// Receive one measurement. Called synchronously on the SDK's task.
+    fn record(&self, event: &TelemetryEvent);
+}
+
+/// The default observer: records nothing.
+#[derive(Debug, Clone, Copy, Default)]
+pub struct NoopTelemetry;
+
+impl Telemetry for NoopTelemetry {
+    fn record(&self, _event: &TelemetryEvent) {}
+}
+
+impl NoopTelemetry {
+    /// A shared no-op observer, for use as the default telemetry sink.
+    pub fn shared() -> Arc<dyn Telemetry> {
+        Arc::new(NoopTelemetry)
+    }
+}
+
+/// An observer that forwards every event to the `tracing` crate.
+///
+/// Successful operations emit at `debug`, failures at `warn`, both on the
+/// `proton_sdk::telemetry` target with structured `operation`, `outcome`,
+/// `duration_ms` and the event's attributes flattened into the message. This
+/// bridges telemetry into the SDK's existing `tracing`-based logging without a
+/// separate metrics backend.
+#[derive(Debug, Clone, Copy, Default)]
+pub struct TracingTelemetry;
+
+impl TracingTelemetry {
+    /// A shared `tracing`-forwarding observer.
+    pub fn shared() -> Arc<dyn Telemetry> {
+        Arc::new(TracingTelemetry)
+    }
+}
+
+impl Telemetry for TracingTelemetry {
+    fn record(&self, event: &TelemetryEvent) {
+        let duration_ms = event.duration.as_secs_f64() * 1000.0;
+        // Attributes are flattened into a single string so the log line stays
+        // readable regardless of how many there are.
+        let attrs = event
+            .attributes
+            .iter()
+            .map(|(k, v)| format!("{k}={v}"))
+            .collect::<Vec<_>>()
+            .join(" ");
+        match event.outcome {
+            Outcome::Success => tracing::debug!(
+                target: "proton_sdk::telemetry",
+                operation = event.operation,
+                outcome = event.outcome.as_str(),
+                duration_ms,
+                attributes = %attrs,
+                "operation completed",
+            ),
+            Outcome::Failure => tracing::warn!(
+                target: "proton_sdk::telemetry",
+                operation = event.operation,
+                outcome = event.outcome.as_str(),
+                duration_ms,
+                attributes = %attrs,
+                "operation failed",
+            ),
+        }
+    }
+}
+
+/// A scoped timer that records a [`TelemetryEvent`] when dropped.
+///
+/// Construct one at the start of an operation via [`Telemetry`]'s
+/// [`start`](TelemetryExt::start) helper. It defaults to [`Outcome::Failure`]
+/// so an early `?`-return is recorded as a failure automatically; call
+/// [`success`](OpTimer::success) on the happy path before returning. Attach
+/// extra context with [`attr`](OpTimer::attr).
+///
+/// ```ignore
+/// let mut timer = telemetry.start("download_file");
+/// let blocks = fetch_blocks().await?;        // early return => Failure
+/// timer.attr("block_count", blocks.len());
+/// timer.success();                            // mark before Ok
+/// Ok(data)
+/// ```
+pub struct OpTimer {
+    telemetry: Arc<dyn Telemetry>,
+    operation: &'static str,
+    start: std::time::Instant,
+    outcome: Outcome,
+    attributes: Vec<(&'static str, String)>,
+}
+
+impl OpTimer {
+    /// Mark the operation successful. Without this, drop records a failure.
+    pub fn success(&mut self) {
+        self.outcome = Outcome::Success;
+    }
+
+    /// Explicitly set the outcome (rarely needed; prefer [`success`](Self::success)).
+    pub fn set_outcome(&mut self, outcome: Outcome) {
+        self.outcome = outcome;
+    }
+
+    /// Attach a low-cardinality attribute to the event recorded on drop.
+    pub fn attr(&mut self, key: &'static str, value: impl ToString) {
+        self.attributes.push((key, value.to_string()));
+    }
+}
+
+impl Drop for OpTimer {
+    fn drop(&mut self) {
+        let event = TelemetryEvent {
+            operation: self.operation,
+            outcome: self.outcome,
+            duration: self.start.elapsed(),
+            // Take the attributes out so we don't clone; `self` is being dropped.
+            attributes: std::mem::take(&mut self.attributes),
+        };
+        self.telemetry.record(&event);
+    }
+}
+
+/// Ergonomic entry point for instrumenting an operation against a shared
+/// telemetry sink.
+pub trait TelemetryExt {
+    /// Begin timing `operation`, returning an [`OpTimer`] that records on drop.
+    fn start(&self, operation: &'static str) -> OpTimer;
+}
+
+impl TelemetryExt for Arc<dyn Telemetry> {
+    fn start(&self, operation: &'static str) -> OpTimer {
+        OpTimer {
+            telemetry: Arc::clone(self),
+            operation,
+            start: std::time::Instant::now(),
+            outcome: Outcome::Failure,
+            attributes: Vec::new(),
+        }
+    }
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use std::sync::Mutex;
+
+    /// A test sink that captures every recorded event.
+    #[derive(Default)]
+    struct Capture(Mutex<Vec<TelemetryEvent>>);
+
+    impl Telemetry for Capture {
+        fn record(&self, event: &TelemetryEvent) {
+            self.0.lock().unwrap().push(event.clone());
+        }
+    }
+
+    fn shared_capture() -> (Arc<dyn Telemetry>, Arc<Capture>) {
+        let capture = Arc::new(Capture::default());
+        (capture.clone() as Arc<dyn Telemetry>, capture)
+    }
+
+    #[test]
+    fn timer_records_failure_by_default() {
+        let (sink, capture) = shared_capture();
+        {
+            let _timer = sink.start("op_a");
+            // dropped without success()
+        }
+        let events = capture.0.lock().unwrap();
+        assert_eq!(events.len(), 1);
+        assert_eq!(events[0].operation, "op_a");
+        assert_eq!(events[0].outcome, Outcome::Failure);
+    }
+
+    #[test]
+    fn timer_records_success_and_attributes() {
+        let (sink, capture) = shared_capture();
+        {
+            let mut timer = sink.start("op_b");
+            timer.attr("block_count", 3usize);
+            timer.success();
+        }
+        let events = capture.0.lock().unwrap();
+        assert_eq!(events.len(), 1);
+        assert_eq!(events[0].outcome, Outcome::Success);
+        assert_eq!(events[0].attributes, vec![("block_count", "3".to_string())]);
+    }
+
+    #[test]
+    fn noop_records_nothing() {
+        let sink = NoopTelemetry::shared();
+        let mut timer = sink.start("op_c");
+        timer.success();
+        // No panic, nothing to assert — the point is it compiles and runs.
+    }
+
+    #[test]
+    fn outcome_label_form() {
+        assert_eq!(Outcome::Success.as_str(), "success");
+        assert_eq!(Outcome::Failure.as_str(), "failure");
+    }
+}