The Pink Moon Crystal is Sailor Chibi Moon's own Sailor Crystal, the gem that finally sets her apart from her mother. It begins as a silver tear identical to the Silver Crystal, then shifts to a pink lotus shape and a name of its own, letting Chibiusa reach her Eternal form.
Belonging to Chibiusa, this crystal makes its first showing during the Black Moon arc, where it takes the form of a silver teardrop indistinguishable from the Silver Crystal carried by her mother and is called by that same name. Only much later, at the close of the Dream arc, does it settle into a lotus outline like the crystals of both her parents, turn pink, and earn the distinct title of the Pink Moon Crystal. From that point it is plainly its own gem rather than a copy of Usagi's, and Chibiusa can even heal with it, as she does when she brings Helios back.
Chibiusa invokes the phrase Pink Moon Crystal Power, Make Up to become Eternal Sailor Chibi Moon, carrying the gem in her compact and calling on it to transform. Its arc traces her long struggle with feeling powerless beside her mother. In the Black Moon arc she twice steals a Silver Crystal, first from Neo-Queen Serenity and then from Usagi in the past, and can use neither, a failure Wiseman twists to warp her into Black Lady. Her true awakening comes only when she witnesses Sailor Pluto's death, and her first crystal is born from a single tear, mirroring how Usagi's own power once emerged.
Later arcs push the gem further. During the Infinity arc Hotaru warns that it outstrips the Taioron Crystal yet cautions Chibiusa against flaunting it, advice that comes too late once Mistress 9 overhears and seizes both the crystal and Chibiusa's life, the two saved by Hotaru's sacrifice. In the Dream arc she channels Moon Crystal Power to lend her strength to Sailor Moon's Eternal Tiare against Nehelenia, and it is Diana who finally names the pink lotus gem as a Sailor Crystal entirely her own.
Sailor Chibi Moon is the crystal's sole owner and the only guardian able to draw on it. In the Stars arc she uses it inside the Crystal Palace, taking her Eternal form during a clash of wills with her mother and rousing her personal guardians, the Sailor Quartet, to travel with her into the past. How she came to manifest a Sailor Crystal of her own rather than inherit the family's Silver Crystal is never fully explained, since such a thing had been thought impossible.

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Not exactly. Chibiusa's crystal starts out in the Black Moon arc as a silver tear identical to her mother's Silver Crystal, but by the end of the Dream arc it shifts into a pink lotus shape and becomes its own gem, the Pink Moon Crystal.
Chibiusa invokes the phrase Pink Moon Crystal Power, Make Up while holding the gem in her compact to transform into Eternal Sailor Chibi Moon.
During the Black Moon arc, Chibiusa twice steals a Silver Crystal, first from Neo-Queen Serenity and then from Usagi in the past, but she can use neither, a failure Wiseman twists to warp her into Black Lady.
Chibiusa's true awakening comes only when she witnesses Sailor Pluto's death, and her first crystal is born from a single tear, mirroring how Usagi's own power once emerged.
Diana is the one who finally names the pink lotus gem as a Sailor Crystal entirely her own, distinct from her mother's Silver Crystal.
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