Rare earth magnets are magnets created from alloys of amarium-cobalt or neodymium. These magnets have a strong magnetic field of 1.4 tesla whereas normal magnets have 0.9 tesla. Modern devices that need to have strong magnets use these rare earth magnets. Because of their strength only small magnets need to be used instead of huge bulky ones. These magnets have made their way into our household appliances like, computer hard drives, audio speakers and in wireless tools that use magnetic motors.
The most costly type of this kind of magnet is the Samarium-cobalt magnet. The reason for this is because this magnet is used in high temperature appliances. These can withstand heat but can crack easily if dropped. Neodymium magnets cost a lot less than the Samarium-cobalt magnet as they are more commonly used. They also can be damaged easily by oxidation; however this problem can be handled by covering the materials with gold, zinc or tin.
Since the price has dropped over the years many people have discovered that they can be used for many different things like magnetic creation and art toys. Because of the large magnetic strength, they should be taken care of carefully, as they are small they can sometimes trap a finger in-between it and a piece of metal which can even cause a finger to break. Keep them away from computers as they can be erased because of the power of the magnet.
These magnets are used for many different things whether for commercial use or just for you as a hobby, they can be bought online and the choices of sizes and shapes are endless, however, to protect you the large magnets are only sold to companies that use them and not to you as an individual.