The Collaborative International Dictionary of English v.0.48:

Bracelet \Brace"let\, n. [F. bracelet, dim. of OF. bracel
   armlet, prop. little arm, dim. of bras arm, fr. L. bracchium.
   See Brace,n.]
   1. An ornamental band or ring, for the wrist or the arm; in
      modern times, an ornament encircling the wrist, worn by
      women or girls.
      [1913 Webster]

   2. A piece of defensive armor for the arm. --Johnson.
      [1913 Webster]

WordNet (r) 3.0 (2006):

bracelet
    n 1: a band of cloth or leather or metal links attached to a
         wristwatch and wrapped around the wrist [syn: watchband,
         watchstrap, wristband, watch bracelet, bracelet]
    2: jewelry worn around the wrist for decoration [syn:
       bracelet, bangle]