There are two elements to this. "Cerejeida" is the name of a wood (usually called "cerejeira"), and "palma" means that it comes from a particular part of the tree and consequently has a particular kind of grain.

Cerejeida, as I say (and others have said) is more usually called cerejeira. If you look for cerejeida in Google you find some results in Spanish. I don't know whether it's a legitimate variant name or a plain error, but in any case I'm sure it's the same thing.

Cerejeira is the Brazilian word for cherry (tree):
http://pt.wikipedia.org/wiki/Cerejeira
and if this were Portuguese it could mean cherry wood; but in Spanish (and English) cerejeira refers to a different tree (also called cerejeira in Brazil), from the genus Amburana, normally Amburana cearensis, often regarded as a kind of oak:
http://en.wikipedia.org/wiki/Amburana_cearensis
http://delta-intkey.com/wood/es/www/papamcea.htm

Several names are used for this wood in English, the most common being cerejeira, cumaru and Brazilian oak, but when it's used as a veneer it's normally called cerejeira:

" VENEER DETAIL
CEREJEIRA
Also known as: Cumare, Cumaru, Brazilian Oak
Botanical Name: Amburana cearensis
Origin: South America, principally Brazil, Paraguay and Argentina"
http://www.capitalcrispin.com/cerejeira.aspx

"Palma" doesn't mean palm here (except to the extent that I suspect the name arises from the supposed resemblance of the grain to a palm frond): it means what is known as crotch wood. I'm sorry about the name, but that is what it's called and there is no accurate alternative.

It means that the wood comes from a part of the tree where there is a junction between a trunk and a branch or between two branches:

"9. palma –CROTCH- *Chapa cortada junto a la bifurcación u horquilla de dos ramas grandes; en general muestra *veteado floreado o rizado."
http://www.reddccadgiz.org/diccionario.php (under "chapas")

"También este corte es la verdadera, y la que se debe llamar “palma de caoba”(en ingles “crotch mahogany”). Sale de la parte principal del arbol donde se unen 2 troncos o ramas grandes."
http://www.anticuarium.es/blog/la-practica/881

"Crotch is a figure that develops when a tree knits a trunk to a branch or two branches together (image 1). It is often referred to as a plume or a feather (image 2). Almost all hardwood trees have crotches although not all crotches are created equal in splendor."
http://www.woodmagazine.com/materials-guide/lumber/wood-figu...

It is tempting to avoid the word "crotch" by using "plume" or "feather", but this is just not done in the timber trade; try looking for "crotch veneer" and then for "plume veneer" and "feather veneer". It's got to be crotch, I'm afraid.

So this is why you find all the references to cerejeira crotch:

http://www.janson.de/html/wortholz.html
http://www.wood-veneer.eu/veneer/veneer-by-character/crotch/
etc., plus the ones Taña cited.

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Note added at 4 hrs (2014-05-07 18:30:57 GMT)
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I am not "dissing" Kew Gardens, but botanical names are one thing and trade names are another. There is no way this can be called cherry wood, and it would be much less expensive if it were cherry.

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Note added at 16 hrs (2014-05-08 06:49:33 GMT)
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It's absolutely right to be sensitive about whether a term sounds attractive when it is to be used for commercial purposes, but that kind of decision can't be taken from a position of no knowledge or experience of the language used in the furniture trade; you have to look and see what people say. And you find things like this:

"Global has crotch mahogany look"
http://www.furnituretoday.com/article/483436-global-has-crot...

"Crotch Walnut "Flaming Veneer" Side Cabinet"
Fine Art Furniture
http://www.fineartqatar.com/store/index.php?route=product/pr...

"Maitland-Smith Dining Room Light Crotch Mahogany Lighted Breakfront China Cabinet"
http://www.norwoodfurniture.com/Maitland-Smith-Light-Crotch-...

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Note added at 16 hrs (2014-05-08 06:51:04 GMT)
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And of course if "crotch" is a selling point, which it certainly is, then you're doing the client no favours by suppressing it. In fact you really can't, in my opinion.