While serving Jabba as his slave, Leia wore two bracelets as part of her slave girl outfit. The first was a snake-like one which she wore on her right arm. The second was an armlet with a hole in the middle, representing her status as a sexual object to be penetrated. They were both golden to match her slave outfit. Their being made of gold and their shapes--which carried certain significance in Huttese culture--also marked Leia out as different from Jabba's other slaves. That is, they declared her royal status as a princess, a fact which only made Jabba's mastery of her all the more impressive.
Jabba put the bracelets on Leia to accentuate her thin arms and decorate her body for his own pleasure, adding a bracelet with a hole in it to symbolize her status as a sex object. He put the snakelike one on her left arm to show she was a prisoner of a superior race, his own. He would often keep these bands and her collar as the only things on her body whenever she was stripped nude, to show her status even in full nudity.
Though they were made of gold, Leia despised her bracelets. Not only did they show her status as the Hutt's royal pleasure slave, they bit into her skin and decreased the flexibility of her arms. Leia had never been a fan of jewelry, but as Jabba's slave she hated it much more.