Pink amethyst got its name because the researchers found out that the chemical compound is different than normal purple amethyst, rose quartz or any other quartz or crystal that has been found before. Even though the name is "pink amethyst", it is not always pink colored. It can have shades of pink, orange, brown and blueish-grey. It gets its color from hematite aka iron. Pink amethyst was found in 2019 and so far it has only been found from Brazil and Argentina.
