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We have done a detailed analysis of the visual properties of the HSV (Hue, Saturation and Intensity Value) color space and Human visual system. Using the results of these analyses, we determine relative importance of hue and intensity based on the saturation of an image pixel with respect to rod and cone cells excitation of retina. We effectively apply this method to the generation of a color histogram and use it for content-based image retrieval applications. A web-based system has been developed for demonstrating our work