Silver obsidian is volcanic glass that cooled with microscopic gas bubbles trapped in layers, so that a silver sheen slides across the surface as you turn it. It is the same material as ordinary black obsidian, just cooled in a way that left this pattern behind. In the Five Elements scheme the silver-white sheen places it with metal. Each bead shows the sheen differently, and photographed flat the bracelet can look almost plain black.
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Obsidian forms when lava cools so quickly that no crystals have time to grow, leaving a natural glass. Silver obsidian — sometimes sold as "silver sheen obsidian" — reflects light from thin layers of trapped bubbles inside the glass, an effect that only appears within a narrow range of viewing angles.
Because of that, we photograph it deliberately at an angle: held flat under a desk lamp, much of the strand will read as dark grey. Nothing is added to the stone to produce the effect.