Just use a named vector for MyPalette and scale_colour_manual():
MyPalette <- c(Fair = "#5DD0B9", Good = "#E1E7E9", "Very Good" = "#1f78b4", Premium = "#a6cee3", Ideal = "#de77ae")
ggplot(diamonds2, aes(carat, price, color = cut)) + geom_point() +
scale_colour_manual(values = MyPalette)
ggplot(diamonds3, aes(carat, price, color = cut)) + geom_point() +
scale_colour_manual(values = MyPalette)