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This paper presents the implementation of RGB<->CbCr color space conversion circuits (IP-cores) necessary for many video designs. These IP-cores offer simplified 3x3 matrix multipliers used to convert three input color samples (RGB or YCbCr) to three output samples (YCbCr or RGB). The optimized structure of IP-cores uses only four multipliers (or XtremeDSP slices) to implement the RGB<->CbCr transformation by taking advantage of the dependencies between coefficients in the conversion matrix. Parameterizable IP-cores are used to confirm compliance to multi-standards and optimize hardware implementation. IP-cores have been verified successfully using xilinx vivado system generator 2016.2 for visually inspected output results and for verification against known models in the MATLAB/Simulink software environment.