I polish my knives with it too. This one took a long time to doJeweler's Rouge is an Abrasive Polishing Compound. About the consistency of a Hard Candle Wax. You usually use it with a Buffing Wheel. But you can also use it by Hand.
Like Sandpaper, it comes in different levels of coarseness. And the coarseness is denoted by the Colour of the Rouge.
Jewelers Rouge & Polishing Compound Chart