Tone + saturation
Tone
Lightness or Darkness. The Tone of color grading refers to the lightness or darkness of the hue, or primary color of the diamond.
Saturation
Saturation refers to the dominance of hue in the color, and Intensity of it. Saturation is the measure of how strong and intense the primary color of the diamond actually is, such as light, deep, intense or vivid. A fully saturated color is the truest version of that color. Primary colors (red, yellow, and blue) are "true", so they are also fully saturated.
There are six categories in the GIA scale that equate to color saturation.