http://www.thehookcompany.com/hook-bracelet-story/

Islanders in the Caribbean have worn the hook bracelet for centuries. It has been adopted as a symbol of unity and love for islanders living in the Caribbean. Lore has built up around its simple horseshoe design. Some folklore states, with the open end of the hook pointed up toward your heart, your love is taken. With the open end of the hook worn down, away from your heart, your love is free or a subtle sign that you are unattached or single