Abstract: A magnet clamp for use with a hand tool is disclosed. The present invention provides a magnet that can be reversibly attached to an existing commercially-available hand-held tool without modification of the tool, thereby providing a way to securely hold various small metal items associated with said hand tool, while making said items readily available for use. Drill bits, saw blades, nails, screws, bolts, tacks, chuck keys, or any small objects made of or alloyed with a ferromagnetic substance such as iron or steel may be securely held by the present invention. The present invention also provides a simple and inexpensive process of manufacturing such a device from common items, including an automotive hose clamp, and from common operations, such as soldering and gluing.