Same thing happens with all armor I think. It shows the tintless graphic of whatever armor you have on. Then again... it might just be our video cards. As long as your stats and in-game armor look fine, I wouldn't worry about it.
I think it's something to do with the client version. I believe there was a bug on Live that they patched in a later client, but since this client stays the same all the time, it will always be like that.
Although it COULD be the way the client interacts with the SOD database so that it's entirely not reading the color attributes and thus shows as the default color.