A rainbow coloured bracelet, usually braided or twined, worn by out and proud lesbians. Often given as a gift by one's lesbian partner to signify both their partnership, and their sexuality. Could also be given as a gift to signify an affection.
Can also be seen as a support for gay rights.
Person A: Uhh, are you wearing a dyke bracelet?
Person B: A what?
Person A: Well if anyone asks just deny it.
Person C: That wasn't a gift... was it?
Person A: Lol, me and my girlfriend got matching dyke bracelets the other day.
Person B: So you've come out?