Hi quietdandelion,
This dress is made of exquisite silk material, constructed of/made from only the highest quality fibers. It feels very soft and smooth.
I find it humorous that you use such a colloquial word like "lame" so easily, and yet
you question your aptitude for the more common term "high quality." I admire your talent with the English language.
Anyway, this is the way I'd write it. "High quality" works and is just fine, but you reinforce the essence of your second sentence with a more descriptive word like "exquisite."
If you wanted to fluff it up even more, you could expand that second one, as well.
To answer your question, your original sentence is fine, and I agree with the other suggestions, too.
I should add that I'd use one or the other word combinations:
1. constructed of
2. made from
Not both.
AngelEyes