Moved vimfiles directory, can't get vim to use it

I've moved my vimfiles folder to my dropbox folder and am trying to
get vim to use it.

In my vimrc I've got this:

let $VIMRUNTIME="~\\Documents\\My\ Dropbox"
let $VIM="~\\Documents\\My\ Dropbox"

But when I open a file it's still looking in c:\program files\vim:

E254: Cannot allocate color grey95
Error detected while processing C:\Program Files (x86)\Vim\vim72\colors
\d
esert.vim:

I've tried various paths but nothing seems to tell Vim to look in the
correct place.

Any ideas?

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