The splash neck piece in solid sterling silver, had been sandblasted & rhodium plated. This is what gives it the soft appearance and dove grey colour.
The tips of the water flow are high polished, which when rhodium plated makes them mirror like. They will pick up colours from the environment and give the illusion of having stones set in the ends.
The piece hangs on a 15 strand steel neck wire with a bayonet clasp. The steel is a good colour match for the rhodium plating.