Hi Sabrina!
It appears to come from Cockney rhyming, just like you said. Here is some more info I found from the dictionary of slang:
Noun. 1. A prostitute or promiscuous woman. The often unisexual nature of contemporary slang ensures the phrase is now applied to promiscuous males. Derog.
2. Derog. and offensive term for women. Derived from the Cockney rhyming slang jam tart meaning sweetheart.
3. An objectionable person; often used affectionately or playfully.
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