What is magnetic hematite?

How can it help the body to cure pain?
Is there any negative side effect with this?

Thanks...

Hematite is an attractive, inexpensive semiprecious stone that, when polished, resembles a gray pearl. The magnetic material is made of Fe3O4, and should be called magnetite. Hematite is Fe2O3: so the "hematite" in magnetic jewelry is really not hematite, or could be a mixture of the two iron oxides.

The claims of health benefits have not been proven. There may be what is called a "placebo" effect with some people. Side effects are unlikely. The magnetic fields that produce are very low.

For more about it, see
http://www.merchantcircle.com/business/Pain.Relief.Hematite.Jewelry.336-774-0199

There have been reports that Fe3O4 in birds provide them with compass-like signals that help them migrate.

http://www.scq.ubc.ca/the-compasses-of-birds/