A high tarnish resistant silver alloy composition formulated for jewelry and flatware manufacture is provided. In certain implementations, the alloy contains about 92%-97% by weight silver, about 0.25%-3.5% by weight palladium, about 0%-3.5% by weight platinum, about 0%-2.5% by weight gold, about 0.1%-1.0% by weight copper, about 0.5%-3.5% by weight zinc, about 0.1%-1.5% by weight tin, about 0.25%-1.5% by weight indium, about 0.03%-1.1% by weight silicon, about 0%-0.5% by weight germanium, about 0.15%-0.5% by weight gallium, about 0.25%-0.5% by weight cobalt and about 0%-0.5% by weight ruthenium. These unique combinations of elements result in the alloys with the tarnish resistance superior to typical 10K gold alloy.