A diamond's color refers to the presence or absence of color in white diamonds. Color is a result of the composition of the diamond, and it never changes over time.
A colorless diamond allows more light to pass through it than a colored diamond and such diamonds emit more sparkle and fire. The formation process of a diamond is such that only a few, rare diamonds are truly colorless. Thus the whiter a diamond's color, the greater its value.
The exception to this are fancy colored diamonds which are very rare and very expensive. These can be found in various colors from blue to green to bright yellow. They're considerably more expensive because of their color.
Whitness is usually determined on the basis of the GIA's professional color scale beginning from the highest rating of D for colorless, and travels down the alphabet to grade stones with traces of very faint or light yellowish or brownish color. The color scale continues all the way to Z.
Which Color Grade Should I Choose?
Diamonds graded D through F are naturally the most valuable and desirable because of their rarity.
Such diamonds are very beautiful but you can obtain diamonds that are rated a little below them and are slightly less than colorless. Diamonds graded G through I show virtually no color that is visible to the untrained eye.
A very, very faint hint of yellow will be apparent in diamonds graded J through M, this color can often be minimized by carefully selecting the right jewelry in which to mount your diamond. Keep in mind
Fluorescence
Fluorescence is an effect that is seen in some gem-quality diamonds when they are exposed to long-wave ultraviolet light . Under most lighting conditions, this fluorescence is not detectable to the eye. Some gemologists prefer diamonds without this effect while others like it, with it. It's a matter of choice.