The paltriest of Argyle pink diamond rings can cost a fortune, but the good news is that diamonds are far from the only gem that comes in pink.       Pink Sapphire Beautiful from any angle, pink sapphires come in widely varied shades and make for worthy jewelry box additions. They are a less expensive substitute for pink diamonds, which are durable enough to adorn almost any engagement ring for several decades. Made up of corundum, these sapphires carry a low amount of chromium, which gives them the wonderful pink coloration. Pink Sapphire vs. Pink Diamond Pink diamonds only carry shades that appear pale at first glance, while pink sapphires have a brighter color. Paler sapphires cost less because they occur more commonly than ones with more intense hues in them. In durability, pink sapphires are almost as well suited to long-term use as pink diamonds are. Both have a natural brilliance that requires no polishing to maintain.