A low‐loss, high‐intensity color modulator based on the dichroic‐mirror‐induced separation of the light into three color channels, modulated by polymer dispersed liquid‐crystal shutters, is described. The maximum contrast obtained with the light‐scattering‐based shutter is estimated and compared with experimental values. The quality of color reproduction of the modulator is presented in a standard 2D CIE diagram while the luminance is included in the 3D version with an incandescent lamp used as the light source. The white color is reconstructed by the modulator with an efficiency of 50%.