Vermeil IS gold over silver. If the under metal is anything else--like bronze or brass--it's NOT vermeil. The Federal Trade Commission has a strict and specific definition of vermeil--it has to be a sterling base, the gold plating must be 10K or higher, and the gold must be at least 2.5 microns thick to be legally called vermeil. (The definition of gold plated is a minimum of .5 microns thick.)
Some of the comments seemed to dis vermeil, but it's high quality plated jewelry, because it has a precious base AND a minimum of 2.5 microns of plating. There's a lot of gold plated--or clad as it's called to sound better--jewelry out there, but it can't legally be called vermeil if the plating isn't thick enough. (The FTC has definitions and standards around all of this.) I don't know if the clad jewelry on QVC these days actually qualifies as vermeil. Even when the base is sterling silver, if the plating isn't more than 2.5 microns, you can't use the word.
Because it is a silver base, vermeil can show tarnish sometimes. And although the plating is relatively substantial, it will wear over time, sometimes yellow gold vermeil jewelry looks less yellow and more white as the plating fades. Using chemical silver cleaners and polishes on vermeil jewelry will remove the tarnish really well, but it can also hasten the wear of the plating.