A silver-platinum alloy formulated to provide improved tarnish resistance and hardness as compared to sterling silver. The alloy can be incorporated in various jewelry, flatware, and like articles. The alloy generally includes silver and platinum, with silver being the predominant component. In certain applications, the alloy includes about 90-95.5% silver and about 0.5-6% platinum. A small amount of gallium can also be added to the composition to provide ease of manufacture of the alloy. The resulting alloy has the favorable properties afforded by sterling silver, but also has brighter surface finish, greater tarnish resistance and increased hardness as compared to traditional sterling silver.