I used to magnetize tools inside the coils of my welding leads. It has been about 30 years ago but it think if I turned it around it would demagnetize. Stainless is magnetic in certain alloys.
I've got one and I love it! The only problem I see, I had to cut my Galco holster to accept this and it kinda hurts my love handles. Other than that it's great! BTW the alarm chimes when I walk, it's like my own theme song. (Sarcasm, JK, would not buy.)