I would say your first thought is correct. It is natural veg. The recessed parts are capturing the stain. Depending on the exposure or lack thereof , veg tan can change shades easily from light, dirt, water, oils in your skin, and on and on and on. But I have seen and used that very shade, or close to it, in the past. I'm not sure but I want to say it was a Calcutta, but don't hold me to that. If you look around you can find a "clean light color" veg tan. Try the folks (Rusty) at Springfield Leather. Kevin is still owner but has handed it over to Rusty. Talk to them and maybe send the pic to them. They have been good to me, good luck.