Quote from one of the analysis
"Sarah discovers her femininity to interact with males by bribing Hoggle to help her by offering him her bracelet, using seductive language "I'll give you this You like it, don't you?"
She thanks the old man by giving him her ring. The old man's lasciviousness, and the ring's vaginal connotation, create strong sexual undertones. But Sarah is still uncertain about her role, seeming unsure how to react to the man's leers.
Later on, Sarah displays a much fuller understanding of traditional male/female relations. She emasculates Hoggle by stealing his jewels ('family jewels' = colloquial for testicles) and holding them teasingly out of his reach, playing the role of castrating female.