In microwave-safe bowl, heat cream on HIGH for 30-60 seconds, or until boiling. Add chopped cocoa and red candy. Let stand 5 minutes; stir until smooth. Stir in raspberry extract. Pour 1/4 of mixture into small bowl; sprinkle with a layer of chopped red candy. Repeat with remaining truffle mixture and chopped candy; do not stir. Refrigerate 1-2 hours or until firm.
Form truffle mixture into 3/4 in. balls. Return to refrigerator to harden. Dip truffles into melted white or dark cocoa candy melts. Chill until coating is firm. If desired, dust tops with pearl dust or drizzle with additional melted cocoa and red candy.