A pearlescent pigment comprising a substrate and a first layer, wherein the first layer comprises iron oxide, wherein the iron has from about 1% to about 30% Fe(II) and from about 70% to about 99% Fe(III). A process for making these pearlescent pigment, comprise reducing a metal oxide substrate with a hydrogen source in the presence of a noble metal catalyst in a liquid medium. The pigments may be used in a variety of applications including cosmetics, plastics, automotive, or architectural coatings.