A flake-based pigment is provided having improved specular reflectance characteristics in the visible wavelength range. The flake-based pigment has a plurality of composite reflective flakes each formed of a support layer and a reflector layer on one or both opposing sides of the support layer. This flake structure exhibits a uniaxial compressive strength much greater than a corresponding uniaxial tensile strength. The structure of the flakes provides the benefits of rigidity and brittle fracture during manufacture and application processes, which ultimately provides favorable planar and specular reflectance characteristics to the pigment in the visible wavelength range. A variety of outer coating layers can be formed around the composite reflective flakes, such as various dielectric and/or absorber layers, to produce desired optical characteristics in the pigment.