It may not lose the color.
I recently bought a very similar toy, the "Perfect realistic cock", which is now discontinued. The product page claimed it was made of rubber, but it turned out to be made of sil-a-gel formula PVC. It has a VERY similar appearance, in terms of colors and details to this one, and the colors are NOT fading out at all.
However, it has a HORRIBLE smell, which also hasn't faded at all.