I wouldn't recommend it. If there is any blackening done by the designer (John Hardy, David Yurman) the ultrasonic action will take it right off. You can buy silver cleaner in liquid or paste form, but they will do the same thing with blackening. Best choice (IMHO) is just using a silver cloth and wiping it down.
If it doesn't have any antiquing on the piece (as Cavitt mentioned) then you could, depending as usual on what kind of stones are set in it. We did it all the time in jewelry making classes. Buffing with a silver cloth is also a possibility.