Looks like it’s Google’s day today. Here’s another one from Google’s Basket. The experimental Gmail Labs feature now includes three new experiments  with Gmail labels making you more productive while working with labels.

Here are the three new experiments which you can easily enable from Settings panel in Gmail.

1. Custom Label Colors:

If the original 24 colors palette is not sufficient, then you should enable this feature which will let you select from more colors to color your Gmail labels.

2. Go to Label Keyboard Shortcut

If you have keyboard shortcuts enabled in Gmail, then after enabling this Labs experiment, you could simply type in "g" and then "l" and Gmail will open an intelligent search box to find your label.

3. Navbar Drag n Drop

With this feature you can drag n drop sidebar elements e.g. If you prefer labels over contacts, you can simply drag n drop Labels box above Contacts.

You can enable all these features via Settings Panel in Gmail.