Looks too consistent for hand engraving.
Bracelets, rings etc are usually engraved with a milling machine that uses fonts in a special format.
Some of these have the same names as regular fonts.
Others do not.
I believe this one is in the latter category and is usually sold as "Roman."
Here is a link to a typical list of engraving fonts:
http://www.jewelryimpressions.com/fonts.html
There are a few variations in "Roman" among engravers, but they usually are pretty close to your bracelet.
Don

"Roman" is a works well for engraving because it usually uses hairline terminations rather than ball terminals. Plus it has wide curves -- note for example the open J.
Don

Aha, found a clear specimen of "Roman" in use!