Adjustable link for a bracelet, comprising at least a first half link and at least a second half link movable in relation to each other in a bracelet direction, and which form together an indissociable assembly, wherein: - said first half link either comprises at least one connecting and locking member, or is assembled fixedly or with restricted mobility in said bracelet direction with at least one connecting and locking member; said connecting and locking member extending transversely to said bracelet direction and comprising a locking means, - said second half link either includes a complementary locking means or is assembled fixedly or with restricted mobility in said bracelet direction with a complementary locking means, - said locking means and said complementary locking means together define at least two locking positions for immobilising said first half link with respect to said second half link, said positions being discrete and remote from each other in said bracelet direction, - said locking means and/or said complementary locking means are movable, under the action of a force exerted in said bracelet direction and greater than a given value, against elastic return means respectively comprised in said complementary locking means and/or said locking means, to allow a relative change of position between said first half link and said second half link in said bracelet direction, characterized in that said connecting and locking member is a substantially tubular element forming an elastic return means able to occupy various positions between a contracted position where the cross-section thereof is minimum and a free, expanded position where the cross-section thereof is maximum, and extending in an orthogonal direction to said bracelet direction, and housed inside a housing of said first half link whose direction is substantially orthogonal to said direction, said housing being sized such that, in the free state, said element projects beyond a boundary surface of said first half link, said boundary surface extends parallel to said bracelet direction, and in that, in the contracted state under the effect of the application of a compressive stress, or during a relative motion between said second half link and said first half link when said element is compressed by a complementary bearing surface of said second half link, said element is held within said boundary surface. - said first half link either comprises at least one connecting and locking member, or is assembled fixedly or with restricted mobility in said bracelet direction with at least one connecting and locking member; said connecting and locking member extending transversely to said bracelet direction and comprising a locking means, - said second half link either includes a complementary locking means or is assembled fixedly or with restricted mobility in said bracelet direction with a complementary locking means, - said locking means and said complementary locking means together define at least two locking positions for immobilising said first half link with respect to said second half link, said positions being discrete and remote from each other in said bracelet direction, - said locking means and/or said complementary locking means are movable, under the action of a force exerted in said bracelet direction and greater than a given value, against elastic return means respectively comprised in said complementary locking means and/or said locking means, to allow a relative change of position between said first half link and said second half link in said bracelet direction, characterized in that said connecting and locking member is a substantially tubular element forming an elastic return means able to occupy various positions between a contracted position where the cross-section thereof is minimum and a free, expanded position where the cross-section thereof is maximum, and extending in an orthogonal direction to said bracelet direction, and housed inside a housing of said first half link whose direction is substantially orthogonal to said direction, said housing being sized such that, in the free state, said element projects beyond a boundary surface of said first half link, said boundary surface extends parallel to said bracelet direction, and in that, in the contracted state under the effect of the application of a compressive stress, or during a relative motion between said second half link and said first half link when said element is compressed by a complementary bearing surface of said second half link, said element is held within said boundary surface.