Yes, you are correct. Nouns can be used as attributives.
Examples:
apple
apple tree
silver
silver bracelet
yard
yard sale
diamond
diamond ring
There is not a great difference other than a noun may occasionally be used to modify other nouns, and an adjective may occasionally be used as a noun.
Examples:
"The Good, the Bad, and the Ugly"
I enjoy good food.
The adjective "good" can be referred to as a noun, but is primarily used to modify.