There are many every day uses of permanent magnets. Attractive magnets used for holding the children?s achievements, is a common example which can be found in almost every home. Medical fiels also utilizes magnets. Many electronic appliances also need to have permanent magnets for the proper functioning of the device. The speakers of audio system require permanent magnets. In fact magnets are very important part of the speakers. It helps the conversion of signals into vibrations which carries sound. The electric energy is converted to sound energy by the coil of the magnet. Then this coil ultimately transfers the sound energy to the speaker. Microphones as well as the speaker phones both work on the same principle.