A low-temperature study has been performed for aqueous shungite, carbon tetrachloride, and toluene dispersions. Spectral characteristics for graphene quantum dots (GQDs) of shungite, attributed to individual fragments of reduced graphene oxide (rGO), reveal a dual character of the dispersions emitting centers: individual GQDs are responsible for the spectra position while fractal structure of GQD colloids provides large broadening of the spectra due to structural inhomogeneity of the colloidal dispersions and a peculiar dependence of photoluminescence of dispersions on excitation wavelength. For the first time, photoluminescence spectra of individual GQDs were observed in frozen toluene dispersions, which pave the way for a theoretical treatment of GQDs photonics.