The value of your PhD is up to you alone. Whether you embark on it or not should depend on what you personally can benefit from it, in my opinion. If money is your only concern and/or you would only be doing it for the status, then it would make sense to work in industry. If you genuinely have a thirst for knowledge about your subject and you want to make a contribution to it, then you should go for the PhD. The location shouldn't make any difference to the worth of your PhD when you are finished. What is far more important is the quality of research that comes from your department.