Had the exact same problem. converted a bunch of Fujifilm X-T30 ii RAW files to DNG, ALL B&W AND THEN SOLVED THE PROBLEM!! to give a little bit of context, I've just recently swapped between an old laptop, to setting up a new laptop. OLD LAPTOP - never a problem. all the fujifilm files converted from RAW to DNG in full colour. was using DNG Converter 14.0.1.952. converted a couple of week's worth of photos. ALL GOOD. but then when I setup the NEW LAPTOP this week, all the same programs as the old laptop, exact same settings, converted a batch of photos ALL B&W --- the solution! --- turns out, it's the order you install the programs that's key. on the new laptop, I installed DNG Converter FIRST, and then Photoshop. so for some reason, without the initial Photoshop install, my DNG Converter was lacking a crucial default Adobe Standard "camera profile" for Fujifilm, and made the camera profile "ACROS" (aka: B&W). I think because it was the nearest alphabetical "equivalent" or something? you can see the difference when you hit up your RAW editor (in my case, Adobe Camera Raw) and check the "Camera Calibration" tab, it's the little camera icon third from the right... and normally, under "Camera Profile" it should list "Adobe Standard" or something very similar (v2 or variants). but in the case of the B&W glitched files, it'll list "ACROS" instead... and it's baked in, you can't change it. and if you're a Fujifilm user, you'll recognise that as one of the B&W film simulations. but, and here's the funny thing. it's a SUPER SIMPLE FIX. no matter WHAT version of DNG Converter you're using. you can simply re-install the EXACT SAME version on top of it, and it'll fix the problem, I'm assuming because DNG Converter will draw upon the profiles Photoshop has added when it installs again, and adds those to its library. or any newer/older version will probably suffice. just reinstall. I figured this might be a solution, because recently I installed DNG Converter version 16... and it was suuuuper sluggish and near crashed out my system converting the simplest of files, so I just reinstalled version 14 on top of it, and it refreshed just fine. so yeah, it's the order you install the programs. if you did DNG Converter first, then Photoshop... B&W and a super easy fix (at least for me) just install DNG Converter AGAIN. then re-render the files again. FIXED!
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