Pink diamond jewellery can be more expensive than its white counterpart due to the beauty and scarcity of these precious gems. The Argyle Diamond Mine in Western Australia used to be a major source of pink diamonds, but it has since closed, adding another layer of exclusivity. However, the value of a diamond is ultimately determined by a range of factors, including the carat weight, clarity, and cut, as well as the quality of the metal used in the setting.