Have you seen a magnetic bracelet before?

Few days ago when I was at the bank, two bank officers were talking about the marvels of magnetic bracelet. I have heard of it but never seen it before. One of the officer rolled up his long sleeve and showed his colleague the magnetic bracelet he was wearing.

He was harping on how great the magnetic bracelet is and how it has helped with the pains on his hands.  The way he told his colleague, it sounded so convincing.  Moreover, the bracelet looks good on his arms as well.

So, I was wondering if magnetic bracelets are as good as they are touted.  They claimed it can help with many diseases.