'Charms are very important' (Q1894).
'Bottom 'charm' has SIGNIFICANT meaning' (Q1887).
We know the necklace is populated with MILAGROS which are charms that originate in Central/South America. An Anon speculated many breads ago that the charms have to earned, and signify an event of some kind that wearer has attended or been through. I think this is spot on.
What we need to do is understand the symbology - work out how many MILAGROS exist and what they mean. It's possible that we're looking at a hybrid set of meanings, as in the V necklace had a pair of stags, which I'm inclined to think represent Herne the Hunter. Q1889 - 'They never thought they'd be hunted' - as in the tables have been turned.
https://www.thecharmworks.com/HistoryofCharms
https://www.thoughtco.com/herne-god-of-the-wild-hunt-2561965
Given some of the posts around human trafficking, I have an inclination that the stag charm is awarded for hunting down (and killing) humans - knowing the elites, probably on horseback. This is conjecture, no sauce.