Some items may be obtained with a colored star marked on the bottom-left corner. For eligible items, there are four possible quality levels: basic (no star), silver, gold and iridium. Items with different quality levels do not stack and take up separate slots in the inventory or Chests.
Quality affects the usage of an item in the multiple ways, mainly:
Quality items sell for more gold.
Quality items provide greater healing effects when eaten (if edible).
Quality items grant more friendship points when given as a loved or liked gift.
Quality crops are possible at any time, although they're more common at higher Farming levels, and when fertilizers are used. Iridium quality crops are only possible when Deluxe Fertilizer is used.
Fruit tree fruit are an exception: The longer a fruit tree has grown, the higher quality fruit it produces.
Forage
Similar to crops, quality forages items are more common at higher Foraging levels. Iridium quality forages are only possible when the player has chosen the Botanist profession.
Cooking
Gold quality cooked dishes are only possible with Qi Seasoning. Silver and iridium cooked dishes are not available.
In addition to the effects listed above, gold quality cooked dishes also have +1 level to all their buffs (excluding Speed buffs) and 50% more buff duration.