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Colors > Grey Scale.

Colors > Increase Color Depth > 16 Million Colors.

In your layer palette right click on this layer and duplicate.

Duplicate this layer 6 more times.

Rename each layer.  Starting from the top:
red
orange
yellow
green
aqua
blue
purple

This is how your layer palette should look:

Activate your red layer.

Colors > Colorize.

Set the Hue at 0 and the Saturation at 125.
(We will leave the Saturation at 125 but change the Hue for each color.)

Click ok.

Turn off your red layer and activate your orange layer.

Colors > Colorize.

Change the Hue to 15.

Click ok.

Turn off your orange layer and activate your yellow layer.

Colors > Colorize.

Change the Hue to 35.

Click ok.

Turn off your yellow layer and activate your green layer.

Colors > Colorize.

Change the Hue to 75.

Click ok.

Turn off your green layer and activate your aqua layer.

Colors > Colorize.

Change the Hue to 115.

Click ok.

Turn off your aqua layer and activate your blue layer.

Colors > Colorize.

Change the Hue to 150.

Click ok.

Turn off the blue layer and activate your purple layer.

Colors > Colorize.

Change the Hue to 205.

Click ok.

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