Magnet
Rare earth (lanthanoid) elements have a partially occupied "f" electron shell (which can accommodate up to 14 electrons). The spin of these electrons can be aligned, resulting in very strong magnetic fields, and therefore, these elements are used in compact high-strength magnets where their higher price is not a concern. The most common types of rare-earth magnets are samarium-cobalt and neodymium-iron-boron (NIB) magnets.
Magnetic levitation
Diamagnetic levitation can be used to levitate very light pieces of pyrolytic graphite or bismuth above a moderately strong permanent magnet. As water is predominantly diamagnetic, this technique has been used to levitate water droplets and even live animals, such as a grasshopper, frog and a mouse. However, the magnetic fields required for this are very high, typically in the range of 16 teslas, and therefore create significant problems if ferromagnetic materials are nearby.