The Pearlescent Rarity is a new weapon rarity introduced in the Ultimate Vault Hunter Pack DLC
The Pearlescent Weapons start at level 50 (and up to max level of 72)
Color of this rarity: Cyan
Note: Using this weapon requires the Ultimate Vault Hunter Pack DLC ($5/400 Microsoft Points, Free with season pass)
List of Pearlescent Weapons (Click for more info)
Pearlescent weapons were introduced in the update, not the DLC.