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Most diamonds have a hint of yellow or brown. The rarest and most expensive are D or Icy white - on a scale that goes to Z and is yellowish (or brownish). (More color than Z is graded as a 'fancy' color).
 
Below 1ct about half the people in my "blind Pepsi taste tests" can tell the difference between D and H colored diamonds, at I and lower, most people can see the faint tint of yellow. But diamonds over 5ct it is easier to pick G from D, and prices reflect that. Color also has more influence on prices in higher clarity grades.
 
We grade Color by placing diamonds face down and comparing them to color master stones with special lighting
 

 
Glassy looking cuts like Asscher and Emerald cut diamonds show more color than ideal cut rounds; brighter cuts face up more colorless; you can see their color when you look from the side.
 
It is easier to see the color of a diamond in a white setting (platinum or white gold). If you have a yellowish diamond, then setting it in a rubbed over bezel style setting can improve the apparent color by a couple of grades.
 
Some people just prefer warmer colors (J-L) others want to save money, get a bigger diamond or a better cut.
 
As with all the 4C's, color is a subject of preferences which can depend on cultural, social, or national background. Some nations prefer a higher clarity and are prepared to sacrifice color for "purity".
 
Fluorescent diamonds with a bluish tint (about 30% of diamonds) usually appear more colorless.
 
Trivia: When GIA developed the D-Z grading system they avoided A-C because some dealers use A1 to C3 for 'in-house' grading systems. There will never be better color than D!

 
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