Not really, the cartoon Panther was to spice up the opening credits of the movie. The entire animated credits sequence, with an animated inspecter and a flying glove representing The Phantom both going after the Pink Panther, was meant to be a sort of cartoon version of the movie you were about to see, sort of like the credits to "Catch Me if You Can" only more symbolic. When the movie came out, it wasn't well-like by critics, but they loved the cartoon credits and so did audiences; so the Pink Panther cartoon character was spun off into his own show.
The reason the movies without the Pink Panther diamond still had Pink Panther in the title was because they wanted fans of the cartoon to go see them, and they wouldn't have known it was the same franchise with a non PP title.
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