The bracelet symbolizes the value created by Hank Rearden's long struggle to invent Rearden Metal. When he gives it to Lillian Rearden as a present (Section121) she says "It's fully as valuable as a piece of railroad rails." However, Lillian fully grasps the significance of the gift - her snide remark is her way of denigrating her husband's ethos.
In Section161, Lillian wears this bracelet at a party thrown on her anniversary. She makes fun of it all night long, and when Dagny Taggart hears Lillian say she would gladly trade it for a common diamond bracelet, Dagny takes her up on it.
The bracelet appears in:
Section121 Section161