A process for the production of a color-stable composition containing cardanol and cardol including (a) subjecting crude, cashew nutshell liquid to distillation to obtain a distillate: (b) reacting the distillate with boric acid to obtain a reaction mixture; and (c) subjecting the reaction mixture to distillation is provided. A method for the production of color-stable phenalkamines including (a) subjecting crude, cashew nutshell liquid to distillation to obtain a distillate; (b) reacting the distillate with boric acid to obtain a reaction mixture; (c) subjecting the reaction mixture to distillation to obtain a main fraction; and (d) reacting the main fraction with an aliphatic amine and formaldehyde to form a color-stable phenalkamine is also provided.