ornament
琫 centers on a decorative object, specifically an ornament. The given meaning is narrow, so the core idea is simply a crafted piece used for adornment.
琫 combines 王 (jade/jewel) with 奉, which likely contributes the sound. The character is associated with ornamentation, probably originally referring to a jade decorative piece.
The left side 王 suggests a jewel or precious stone, and the right side 奉 looks like an offering. Picture a jewel being offered as a beautiful ornament.
For ホウ, imagine a decorative ornament shaped like a hoe: hoe -> ホウ, and the jewel-like ornament hangs from it.
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