Get the job done faster than ever before with the bit magnetizing and demagnetizing ring. The powerful rare-earth magnet helps the bits retain magnetism longer than other magnetizers. The simple and compact design allows you to get the job done on the go in just one motion. No more hassle and waste of time, because you can magnetize a screwdriver bit in seconds by simply swiping the shaft. To demagnetize, simply slide the side of the ring over the shaft and the screwdriver is ready to use. In addition, the tool can be used as a screwdriver bit holder to ensure fasteners are always level. Suitable for hex keys, screwdrivers, drills and drill bits.