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Sounds like it could be one of the episodes of Dragon Tales involving Rainbow Canyon?
Thanks @livewithstyle but after all this time... it was Ted Ruxpin Season 1 Episode 15... the rainbow waterfall is there... and the machine that convert water into jewels is there although it was a ploy to fool the villain...
But the girl that protects the waterfall... 100% a figment of my imagination...
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Edited by mrponeis

I can't believe this show is a figment of my imagination...
It had at least one episode with an waterfall that if it wasn't magic at least poured water in the seven colors of the rainbow...
I don't remember if the waterfall is magic cause the plot involved a machine that could convert the 7 colored waters in gems... But it's hazy if the machine was fake or not...
Other thing I remember is that it was a small sized machine since you needed to get water with a ladle to pour it inside the machine and them get a small quantity of jewels over time...
The last thing I remember is a little girl who wanted to protect the waterfall... I'm sure the guy who created the machine and the villain interested in the machine were there too, but I can't remember what they look like per nothing...
And that's all I remember about a random morning show...
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