Unless light reflection on the pieces (and if the rukes say something about it) bother the players, I see no problem in using it.
a lacquered chess set

Lacquer is a great finish. It's crystal clear, and can be (or is) rubbed out to a mirror finish. It's pretty durable, not the hardest, but is more than adequate for this application. It's also easy to repair. It is susceptible to water damage though so keep it dry and don't set any cold beer cans on it or it will leave sweat rings in the finish. I plan on making a few boards when I get some time, and it's the finish I intend to use on them. Hope that helps.
I am looking at a chess set from HOS. It says that it is lacquered boxwood. What are the positives and negatives of having the chess set Lacquered? Thanks for your help.
Here is the chess set that I am looking at:
http://www.houseofstaunton.com/the-lacquered-sultan-series-luxury-chess-set-4-0-king.html#prb