No! It is non-magnetic. VK is a steel bangle that is manually attuned by Sharat Sir and attuned with 11 cosmic energies, these energies work at different areas in different ways.
Whereas magnet creates a fixed field and works only on the fixed area. For example, a magnet can work on some physical issues but VK has infinite possibilities and works in the area of body, mind, soul, relationship, emotions, and even much more.