Held with friction - the point of doing it this way being that it’s a self-contained system (with the screw going into a tube instead of the link itself), so the screws don’t get loose by the normal rotation of the links. I’ve had problems in the past with bracelets that used a screw that locked directly into the link, as they sometimes would come loose from regular wear, if that all makes sense. So it’s a little more effort up front to adjust the length but without the worry associated with the other type of screw system.
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