PURPOSE: To provide a graphite pigment which has metallic luster, exhibits bright interference color and is suitable as colorant for eye shadow, hair dressing, etc., prepared by forming film of a highly refractive and transparent metal oxide on the surface of fine particles of graphite.

CONSTITUTION: Natural scaly graphite flakes as thin, apaque, black plate crystals having a particle diameter of around 1W45μ and a thickness of around 0.1W0.5μ are suspended in an aqueous solution of a titanate and heated rapidly to about 80°CW boiling temp. under stirring, followed by refluxing for 2W12hr so that titanium hydroxide produced by hydrolysis of the titanate may be uniformly deposited on the surface of the graphite flakes. The product is washed with water, dried and burned at around 500°C or lower for about 1W5hr to convert titanium hydroxide into titanium dioxide.