Here's how you do it:
Have someone run away from you ( with heartbroken of course ).
If you use your bracelet when he's just out of range, the heartbroken debuff will get removed but you won't lose your bracelet.
This won't work with the achievement, but it's good if you want to get the Horde/Alliance Gift Collection.
( I tested this 5 times and it worked all those times, I had about 300 ms when this occured, so it could be because of that )
Edit: I also did this with normal latency, I ran towards another person with a broken heart, both on mounts, ran past eachother, then used it and no bracelet vanished and he got rid of it.