I don't believe so. Looking at the product dimensions for the two:
kindle fire hd: 7.6" x 5.4" x 0.4"
kindle fire: 7.44" x 4.72" x 0.45"
Because this is a slim fit case for the kindle fire hd, the dimensions just won't be right (the kindle fire will be a little small for the case as well as being too thick)
I purchased the black one because of the cheaper price. I couldn't see that there was a difference between the colors. I assumed the colored ones were higher due the cost of coloring the leather. Love the black one. It fits snug but better than too loose. I believe it will be just fine as the leather relaxes a bit too.
I just reread the discription of the 'colored' covers and it discribes my black one exactly.