Looks like red cedar

If your using it outdoors it will grey or silver out. All wood will grey out in the end because of weathering with UV light.
You can oil the cedar to try and keep the colour but they recommend doing it after it has been outside for 6 months. Red cedar is naturally high in sap so any finish applied will not sink in until it has aged a bit.

If you apply a UV oil treatment you might keep the colour for several years. But this finish will need to be applied annually.

I would recommend a good quality UV oil such as the osmo range.

That is assuming your going to have it outside :)

Yes, you are right it is Western red cedar!