This is a long-shot but I've been looking for a photo for over six months (have a number of posts about it here on tFS) and the one model who I keep thinking it is...Rachel Williams.
If anyone amazingly recognizes my description below, please let me know!
As best I can remember, the model had roughly shoulder-length dirty to light blonde hair. I believe she was sitting on a beach or sand dune, with her feet a little lower than the rest of her body and her arms maybe resting in her lap or between her legs. She was wearing I guess what would be called a white peasant blouse/dress (I think it laced-up in the upper part). Either bare feet, or probably sandals of some kind.
But, the most noticeable part - she is wearing maybe 20 white and silver bangles on each arm. Maybe that will ring a bell with someone.
It is almost certainly from an American fashion magazine - possibly from Elle 1989-1991 as these are the most prominent (in my mind) issues that I haven't been able to look at so far (I've looked at maybe 800 so far).