Color Scale:
D: Absolutely colorless diamond. The highest color grade, which is extremely rare and valued the highest of all color grades.
E: Colorless. Only minute traces of color can be detected by an expert gemologist. Also rare and high in value.
F: Colorless. Slight color detected by an expert gemologist, but still considered a "colorless" grade. Still a very high-quality diamond and the best "colorless" stone moneywise.
G-H: Near-colorless. Color noticeable when compared to diamonds of better grades, but these grades offer excellent value. If these stones are not compared to colorless stones, most people cannot tell the difference with the naked eye.
I-J: Near-colorless. Faint yellow color slightly detectable. Still a good value, but sometimes, the yellowish tint can be seen by the average consumer if they are familiar with color grades.
K-M: Slight yellow tint. The yellow tint in these stones are more noticeable here, and the value of the diamond starts going down considerably. The slight yellow tint detracts from the beauty of the diamond, and is especially noticeable when set in platinum or white gold.
N-Z: Light yellow. Easily detectable and valued the least of all other colors. This color scale also detracts from the beauty of the diamond, and is very noticeable when set in platinum or white gold. See scale for color comparisons.
A Note about Fluorescence
Related to, but not affecting diamond color, fluorescence is a unique effect that causes a diamond to produce a slight blue glow when exposed to intense, direct ultraviolet light. Some people seek diamonds that produce this unique effect, while others try to avoid it -- it's purely based on one's taste.
What Color Should I Choose?
For the purist and most clean look of a diamond, pick a colorless diamond with a grade of D-F and a fluorescence rating of faint, inert, none, or negligible. These diamonds will cost the most for this range.
For an excellent value in a dimaond with no noticeable color to the unaided eye, look for near-colorless grade of G-I, and a fluorescence grade of medium or strong blue.
If you don't want to compromise on color but would like to stay on budget, choose a diamond with a good cut, SI1-SI2 clarity, and consider going with a strong fluorescence. It will be nearly flawless to the unaided eye and you may prefer the unique effect of a strong fluorescence.