The color grade of a diamond is the second major factor in determining its value. This refers to the body color or interior color, not the surface rainbow of reflected light. Most diamonds will have a slight tinge of yellow color. A fine cut colorless or near colorless diamond exhibits a clarity of true white color and a sparkle seldom seen today. If it's a Josephs Diamond, all the colors you'll see will be those of dazzling light reflected back through the precious gem.