Abstract: Disclosed is a lightweight loudspeaker assembly comprising a high efficiency permanent magnet structure that is comprised of a rare earth metal magnet, preferably a neodymium-iron-boron magnet and an enclosure means for said permanent magnet comprised of a magnetic flux carrying material, such as steel. The magnet structure contains a small gap which accommodates a high impedance voice coil to which there is attached a cone diaphragm. The loudspeaker assembly contains a frame which supports the cone diaphragm and the permanent magnet structure. The frame is preferably comprised of a lightweight material, such as aluminum or magnesium or their alloys, a plastic material or a lightweight composite material. The loudspeaker assembly can optionally also contain a bucking magnet that is located in close proximity to the permanent magnet. Unconventionally, the bucking magnet is smaller in size and magnetic flux than the permanent magnet.