I took part in a double blind trial of magnet treatment in the 1990s. Not that it could really be 'blinded' as it was fairly obvious which treatment included the magnet! I was on active treatment. It didn't make any difference to my condition and I think that the conclusions of the trial were that there was an intial improvement in some people which was not sustained. This is what Versus Arthritis says:
I wore a magnet for many years. It may have provided some benefits and it certainly didn't do me any harm, but it wasn't a cure all I'm afraid, not for me, anyway. I think it depends on the condition as to whether there are significant benefits. The bracelet looked nice though, so it doubled up as jewellery.
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