Hi Pinkcoke, and thanks for taking a look!
Yes, the pinkish/white coloration is present in the cameo as well as the beads, so the same substance has been used to make both. I'm certain it's not bone or ivory--I've handled/seen so many examples of them, and this is very different.
I'm fairly certain it's not shell, and very dubious it's glass either. Both the density/weight and texture (almost chalky...) seem wrong for either of those.
My first hunch was some type of stone, though I couldn't think of which might have this coloration, and then I wondered if perhaps it could be angelskin coral, which I don't have much experience with, though I know it does have a pinkish/white color to it.