Artifact Entertainment recently announced that they will shortly be releasing details on their new armor dying system. Armor colors consist of three tiers (each tier requiring higher crafting skills). Below are some of the colors that can be applied to the armors (only during creation):

• (Tier one) Green, Brown, and Light Green
• (Tier two) Light Red, Black, and Silver
• (Tier three) Gold, Blue, and Light Blue

You can read the official article here: http://www.istaria.com/page.php?pg=news&mid=New%20Armor%20Dye%20Feature&PHPSESSID=ab16934ef824ed04e4cca0c18c2a54a7