Very nice looking ring. Is it marked anywhere? If the stones are real, I wouldn't rule out it being platinum or white gold. Silver would be a very unusual choice for a sapphire that large. More likely, If it's unmarked, it will be silver or white metal costume jewellery with glass fake stones.
The bracelet piece is not silver. The "1/20 12KT ON S/S" mark indicates it to be stainless steel with a 12K gold coating and 1/20th of the total weight being gold. Most likely the plating has worn away. Occasionally 'S/S' might be used to designate Sterling silver, but that would be much less usual.