The Ottoman Bracelet is the twelfth treasure that can be found in Uncharted 2: Among Thieves.
The Ottoman Bracelet is found in Chapter 2 - Breaking and Entering. This is certainly one of the better-hidden treasures in Uncharted 2's early-going. Before you use that rope to climb upward, look to your right. You'll see an epic chasm with water cascading down below. You can use the rope to swing your way rightward, but instead of climbing up the cages covering the exhaust fans, look for a ledge that proceeds towards the edge of the building. This will turn a corner, where the treasure can be found. The sewer outlet below will glimmer, letting you know that's where the treasure is. Drop down atop it and hang off of it to successfully grab it.