The one I have is gray as well, for some reason I had thought it was faded. I will explore a color match and see (1) if that is possible and (2) what it may cost. My view is that flat black is not a bad alternative, but I have numerous black accents on my car, and while I love her madly, Annabelle is not going to win best of show against many of the other cars here.
As to sizing, my thought was that the gasket needed to be larger than the base for the Roundel, roughly 2mm as DeQ notes. (I am working with the original BMW base which is a separate part from the Roundel itself. Perhaps the sizing on the integrated replacement part that BMW is now selling is a slightly different size?) On the other hand, I had thought that the "lip" arose because the base caused a depression in the gasket when it was tightened down during installation. I did not explore the possibility of having a raised lip incorporated into the design; I am guessing a simple die cut process would not allow for this. What do folks think about the flat v. lip issue?
Bert -- are you saying I am way off on the pricing? The vendor estimated $125 in setup, and $125 to run 20 of them (20 was a SWAG). I added in taxes and shipping to me and rounded to $25.