Complex answer. I was told years ago that Grulla polished off the case color to get their silver finish, which I liked because it wasn't shiny silver. In contrast to that I asked about altering the engraving on a different manufacturer's silver finish gun and was told it was a coating and could not be deepened or altered after finished.
While the case colors have been polished off, the case hardening remains (and some degree of rust resistance), so engraving is not really viable without annealing. The "coating" is that thin layer of hardening that charcoal case coloring produces.