An apparatus for reducing vibration in a downhole component includes: an electrically conductive auxiliary mass attached to the component and configured to vibrate in a direction corresponding to a direction of downhole component vibration and absorb a portion of the downhole component vibration; and a magnetic component configured to generate a magnetic field through the auxiliary mass having a direction at least partially perpendicular to the direction of auxiliary mass vibration, the magnetic field configured to induce a current in the auxiliary mass in response to auxiliary mass vibration. The apparatus has an auxiliary mass vibration frequency tuned relative to a selected natural vibration frequency of the downhole component to reduce vibration of the downhole component, the auxiliary mass vibration frequency based on a magnetic stiffness of the auxiliary mass, the magnetic stiffness based on a strength of the magnetic field and/or a resistance of the auxiliary mass.