It just looks like regular pearl powder. Depending on the size it also kind of looks like standard flower you have in your kitchen. I believe most, if not all, pearl powders are made from Mica. I haven't done much research on Mica, here is a link to more information:
http://en.wikipedia.org/wiki/Mica"Wet-ground mica, which retains the brilliancy of its cleavage faces, is used primarily in pearlescent paints by the automotive industry. Many metallic looking pigments are composed of a substrate of mica coated with another mineral, usually titanium dioxide (TiO2). The resultant pigment produces a reflective color depending on the thickness of the coating. These products are used to produce automobile paint, shimmery plastic containers, high quality inks used in advertising and security applications. In the cosmetics industry, its reflective and refractive properties make mica an important ingredient in blushes, eye liner, eye shadow, foundation, hair and body glitter, lipstick, lip gloss, mascara, moisturizing lotions, and nail polish. Some brands of toothpaste include powdered white mica. This acts as a mild abrasive to aid polishing of the tooth surface, and also adds a cosmetically pleasing glittery shimmer to the paste. Mica is added to latex balloons to provide a colored shiny surface."
What I do know is they come in different colors, grades, and sizes, some are good for what we do, others not. They can be very expensive and are used in the auto and cosmetic industry heavily (paints, plastics, pigments, etc.).
What we have normal access to as bait makers is probably less than 1% of what's available. In pearl alone there are probably hundreds of choices. I think it really comes down to cost. There is one major supplier - BASF. For some of their really cool ones there is literally a waiting list (these aren't ones we would normally even have access to because of cost).
For most I think it ultimately comes down to a cost / benefit decision. If you can get a couple ounces of Pearl for $8 and it will last you for a year or longer, does it really makes sense to spend twice as much for a pearl that maybe has a hint of pink and blue to it as well? It may definitely look cooler, but would it catch more fish???
I have a few different samples, some red, blue, gold, pearl, etc. The coolest thing is how they react in different colors. You can see examples of this in the smoke colors we carry.
I'm sure we will get more into this as a company in time. For now it's just something I am experimenting with and trying to decide how best to incorporate it into what we do in a way that makes sense.
Jason