Wordpress - How to use PanelColorSettings in custom Gutenberg block?

First you need to import the component -

const {
    PanelColorSettings,
} = wp.editor;

then inside the InspectorControls you call the component

<PanelColorSettings
                    title={ __( 'Color Settings' ) }
                    colorSettings={ [
                        {
                            value: color,
                            onChange: ( colorValue ) => setAttributes( { color: colorValue } ),
                            label: __( 'Background Color' ),
                        },
                        {
                            value: textColor,
                            onChange: ( colorValue ) => setAttributes( { textColor: colorValue } ),
                            label: __( 'Text Color' ),
                        },
                    ] }
                >

</PanelColorSettings>