There is quite alot of vermeil jewellery out of Italy, Milor of Milan is one maker and I also have some marked Itaor.

Basically it is solid silver with a heavy layer of gold, and I have been wearing a couple of the pieces for quite a while without any discolouration of the chains or my skin, and no visible tarnish or fading. I am quite happy with vermeil as long as it's correctly described.