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The term colour in regard to diamonds is misleading as it is a diamond's lack of colour that is most highly sought after.  The colour grading system ranges from D to Z. D being completely colourless and Z having a tint of brown or yellow. The untrained eye will tend to only see colour at grade M and above.

The colour grading system is as follows:

D,E, and F are considered completely colourless. This means that the stone will be colourless facing upward and also colourless out of it's setting facing downward.

G,H,I, and J are in the Near Colourless range and are also completely colourless face up. It is only out of their setting, face down against a white background that a trained diamond grader will see a hint of colour.

The grades below this will begin to show colour face up in their settings from grade K upward, becoming more noticeable further up the scale.