It is possible that this bracelet was made to commemorate the visit of Tsar Alexander I to England:

In the spring of 1814, the Prince Regent declared a 'Grand Jubilee in celebration of the recent victory over Napoleon culminating in the present Glorious Peace and in honour of the Centennial of Hanoverian rule'. On 7th June, Tsar Alexander arrived in London along with his sister Catherine, Grand Duchess of Oldenburg and various other allied leaders. A series of events ensued including a review of twelve thousand troops in Hyde Park, and a Trafalgar re-enactment on the Serpentine. Although it would be more conventional to depict the Tsar's consort as a pendant to his portrait, Catherine maintained a very close relationship with her brother throughout her life and it is possible that it is she that is depicted on the bracelet rather than the Empress Elizaveta Alekseevna.