A pearl grader’s job is to carefully assess the Tahitian pearl necklace or pearl earrings' desirability, mainly based upon the two most important attributes Tahitians possess: luster and color. Two Tahitian pearl necklaces can vary widely in price based upon those two attributes alone.
Luster is the term we use to describe how beautifully light reflects off the surface of the pearls, as well as how sharply reflective the pearls’ surfaces are. Ideally, light sources reflected in the surface of the pearls should be sharp, crisp and with highly defined edges. However, Tahitian pearl luster is generally described as "satiny" due to their very thick nacre layers, so Tahitian pearls with very sharp, highly reflective luster are the most valuable.
Tahitians are also the most famous naturally “black” pearls in the world. Their body colors (the main, primary color of the pearl) will generally range from pale dove greys and silvers to medium dark to very dark charcoal grey and rarely, jet black. These dark body colors are the perfect base for their famous overtones: peacock, green, blue-green, rose, silver and much, much more. The more highly saturated and intense these iridescent overtones can shine off the surface of the pearls, the more valuable the pearls are.
Combined, color and luster heavily impact how Tahitian pearls are graded and their overall pricing. Large pearls can be impressive, but if the luster is soft and dull, or the color is flat, then the smaller pearl with sharper luster and more heavily saturated tones will be the more valuable of the two. For clients wanting to buy the best Tahitian pearl quality possible, understanding how Tahitians are graded ensures you’re investing in beauty and rarity, not simply the largest millimeter size you can get.
TLDR: when evaluating Tahitian pearls, prioritize luster first, color second, surface quality third, and size last.