Due to an update since then, the rate of change from Clear Abyssite to Colorful Abyssite was dramatically reduced; more testing is needed to confirm.
Obtaining a Colorful Abyssite:[]
Step One: First buy the clear abyssite from Assai Nybaem.
Step Two: To achieve this goal know that you will be required to enter a zone that matches a "Tier One VNM" and proceed to track down said monsters with /heal or via the rest button on your controller. After doing so you will have to walk the distance of "yalms" that appears in your chat log an repeat doing this until the VNM spawns. That message will read like so: "A monster materializes out of nowhere!".
Killing the VNM's from the holes beaming up red or white light from the ground will do nothing for this objective. The specific message you should expect after killing a Tier One VNM will read "The clear abyssite takes on a slightly deeper hue and becomes a colorful abyssite!" otherwise repeat until you do get it.
Step Three: Lastly upon using this to fight a tier 2 VNM you might elevate the abyssite to another color (which is for tier 3 VNM), this effectively renders it useless for hunting more tier 2 VNM. Upon reaching this point you will have to go back and buy another clear abyssite and start the process all over again. Unless you wish to proceed beyond this point of course.
Consult this link for a chart containing this stages VNM among others for even further progression into other color ranges of abyssite.
This link will contain a page for even more details beyond this step,
Note: It may take10 or even more attempts to succeed.