Color can help identify minerals by how those few minerals that always have their own characteristic color. Luster on the other hand you must simply check it's luster. :)
A mineral's color may be influenced by inclusions of other elements or minerals, or even exposure to heat, light, and radiation. A more reliable identification based on color would be the streak, or...
Because many different minerals have multiple colors like the sapphire has like 5 different colors and the colorless one looks almost = like a diamond so you can't really classify by color. miss...
Streak because it allows you to see more of the mineral(as in the inside), and the least useful way to identify a mineral is by color. This is because color can vary in each form of the mineral.