Silk is easy it's all in the textures. Just give it a dark red diffuse and a bright red specular ( assuming the silk is red). Give it an upper mid range gloss value and make sure the normals are convincing.
Silks are nicely represented by a Minnaert shading model as the material has a lot of retroreflection to it. link to post showing shader network in udk But yes you'll want a deeper color of whatever color your silk is for the diffuse, and the same or more saturated color for the specular.