Why saffron?

Often people ask devotees about the saffron color. What is its significance? Why that color? The reply is often that it is the traditional color of (eastern) renunciation. Both Hindu and Buddhist monks wear it. But is there more? What is said about saffron? Krishna’s dhoti is sometimes described as saffron or saffron and yellow. E.g. “He wears saffron cloth.” (Bhagavad-gita As It Is 8.21/purport). The Sanskrit word for saffron is kinjalka. Sometimes saffron is compared to kadamba flowers or the dust from the kadamba flower (Srimad Bhagavatam 2.2.9 and 3.8.28), the pollen of a lotus flower (Srimad Bhagavatam 3.38.14), dust from the lotus feet of the Lord (Srimad Bhagavatam 4.9.36), and the filaments of a lotus (Srimad Bhagavatam 11.27.25-26).