The Jeweled Bracelet is the fifteenth treasure that can be found in Uncharted 2: Among Thieves.
The Jeweled Bracelet is found in Chapter 2 - Breaking and Entering. The large chamber you come to in the sewer, where guards are taking shots at you from the yellow catwalks overhead, is the location of this treasure. You're going to need to be quick to get this one, however, you're likely to get shot at, or shot outright, when attempting to grab this item. Run through this area and then, at the tunnel leading into the next location, turn around. You should see the telltale glimmer of a treasure near a pipe angling out of the ground. Dash towards it, claim it quickly, and then run back to safety.