Hi Kaywal-
Welcome to the forum! Pearls are not known for highly saturated color levels; most often their spectrum resides in the softer, more pastel ranges... 'Exotic' or 'Fancy' is a term that refers to body colors and overtones that are considered rare and unusual, or especially fine. In Tahitian pearls, the
vivid Aquamarine, or the
intense Cherry overtones pictured below, would be considered fancy colors.
The Cherry Tahitians are from Jeremy at Pearl Paradise, and the drop-shaped Tahitian Baroques are some of the newer pearls that we've been working with. You may also want to check out the Sea Of Cortez pearls- they would definitely be considered Exotic (with a capital E!)
Since FW pearls come in natural shades of Pink/Peach, Lavender and White (which includes Cream), color modifiers such as an intense Red hue that sufficiently 'amps up' the overall tone from a pastel pink to a bright magenta level could be termed saturated, and is considered exotic.
The term (to my knowledge) does not include shapes- off round is off-round, baroque is baroque, etc.