by 
The Curious Bag
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According to Dr. Stephen Barrett of QuackWatch, intense magnetic fields are sometimes used to aid the body in healing. However, smaller magnets such those in magnetic jewelry probably do not provide any measurable health benefits.
Identification
According to a January 2006 article in the British Medical Journal, magnetic jewelry and accessories may speed up healing in some people (however unlikely), but only by a very minute amount.
Expert Insight
People who espouse the benefits of magnetic jewelry usually use the only two peer-reviewed studies that showed small magnets could heal wounds and reduce pain. However, these studies were poorly designed and the results misinterpreted, according to Dr. Stephen Barrett.
Function
In all likelihood, the people who claim that magnetic jewelry improves their health are experiencing the placebo effect---the phenomenon where people feel better just because they believe something will work.
Considerations
The Food and Drug Administration has cited several different companies that have made extraordinary claims about their magnetic jewelry and devices.
Warning
According to James D. Livingston of the Skeptical Inquirer, magnetic jewelry may pose a danger if it causes people to replace traditional medicinal practices with this type of product.
Source:
QuackWatch.com: Magnet Therapy: A Skeptical View
MedicalNewsToday.com: Magnet Therapy Has No Proved Benefits, British Medical Journal
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