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Sorry to break it to you, but you will need to do both.

It's jewelry for women, and they don't discard one piece of jewelry to make room for another, it is a cumulative action.

Get her a new one and she will love it. You will then need to have the old one overhauled because..... well, just because.

(save some money and have the old bracelet rebuilt at Rolliworks in California; Rolex only replaces, they don't fix. )