The title `Pink Ice' refers to a hilarious competition between two neighboring diamond mines, one of them operated by our hero, the Pink Panther, and the other one operated by a team of greedy geologist type men and, as is the tradition in cartoons, one of the men is a tyrannical leader and the other is a more easy going type but is also a complete moron.
Some things didn't make a lot of sense in the film, such as the way that Hoskins falls and drops the diamond that they had just stolen from the Pink Panther, and it breaks like glass. On the plus side, at least he now knows that it was worthless, because it's no secret that no diamond in the world would break from falling like that. It is particularly amusing to see that when the Pink Panther goes over to the competing diamond mine (called `DeBoors Diamond Mines'), he is dressed exactly like Hugh Hefner.
Besides being made up of the traditional series of encounters between the two opposing forces in the cartoon (the Pink Panther and the two men), Pink Ice also displays one of the other stereotypes of relatively mature cartoons - shotgun blasts that, instead of blowing the target to pieces as they would in real life, merely seem to cover the subject with ash. But despite these weaknesses, Pink Ice is still one of the better one of the short Pink Panther cartoons. It is especially amusing when the Pink Panther turns the two men against each other and then, while thy are blowing each other away with their ash guns, he makes off with a tremendous diamond, mentioning the moral of the story, that the rolling stone gathers no moss. Also notice the unusual prevalence of spoken dialogue.