Probably.
In case you haven't noticed: You get a bonus for collecting gems. If you manage to get 500 or more per level, you get 60,000 points. In level 1 you collect as many gems as you can, then you soften the boss up, let him fill the screen, kill him and hurry to collect many, many gems. I haven't managed to collect 500 gems in level 2, although I got pretty close, so after beating the 2nd boss I'm at 170k, give or take 2,000 - 3,000.
Also, there are random 'events' in level 1 that give you gems (a star, a rocket, the word wink), but I don't know how to trigger those. One may occur when shooting the giant bell, one may occur between killing the reaper and the next enemies.