The Collaborative International Dictionary of English v.0.48:

Embracement \Em*brace"ment\, n. [Cf. F. embrassement.]
   1. A clasp in the arms; embrace.
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            Dear though chaste embracements.      --Sir P.
                                                  Sidney.
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   2. State of being contained; inclosure. [Obs.]
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            In the embracement of the parts hardly reparable, as
            bones.                                --Bacon.
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   3. Willing acceptance. [Obs.]
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            A ready embracement of . . . his kindness. --Barrow.
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WordNet (r) 3.0 (2006):

embracement
    n 1: the act of clasping another person in the arms (as in
         greeting or affection) [syn: embrace, embracing,
         embracement]