Usage patterns
〈物〉に光沢があるX has a sheen/luster
This silk fabric has a beautiful sheen.
光沢のある〈物〉glossy/shiny X
I bought a pair of glossy black shoes.
光沢を出すto bring out a shine (on something)
I polish the wooden furniture with wax to bring out its shine.
光沢を放つto give off a sheen/luster
The pearl gave off a soft luster.
光沢が失われるthe shine/luster fades away
After years of use, the metal lost its luster.