Diamond Color Actually Means Lack of Color
The diamond color evaluation of most gem-quality diamonds is based on the absence of color. A chemically pure and structurally perfect diamond has no hue, like a drop of pure water, and consequently, a higher value. GIA’s D-to-Z diamond color-grading system measures the degree of colorlessness by comparing a stone under controlled lighting and precise viewing conditions to masterstones of established color value.
Many of these diamond color distinctions are so subtle that they are invisible to the untrained eye; however, these distinctions make a very big difference in diamond quality and price.
WHY DOES THE GIA COLOR GRADING SYSTEM START AT D?
Before GIA universalized the D-to-Z Color Grading Scale, a variety of other systems were used loosely, from A, B, and C (used without clear definition), to Arabic (0, 1, 2, 3) and Roman (I, II, III) numbers, to descriptive terms like “gem blue” or “blue white,” which are notorious for misinterpretation. So the creators of the GIA Color Scale wanted to start fresh, without any association with earlier systems. Thus the GIA scale starts at the letter D. Very few people still cling to other grading systems, and no other system has the clarity and universal acceptance of the GIA scale.
ARE DIAMONDS GRADED AS Zs CONSIDERED FANCY-COLOR?
No. Naturally colored diamonds outside the normal color range are called fancy-color diamonds. The FTC provides no guidelines for the use of the term “fancy-color” in the US, but there is general agreement in the international trade that fancy-color diamonds are either yellow or brown diamonds that have more color than a Z masterstone or they exhibit a color other than yellow or brown.
Source: http://4cs.gia.edu/en-us/diamond-color/ | GIA