Disclosed is a magnet in a high vacuum tube levitated by at least one magnet outside the tube and stabilized by at least one diamagnet inside or outside the tube. The magnet may have a rotational symmetry axis aligned with the magnetization axis and the diamagnet may be laminated to minimize eddy-current damping. The magnet or magnets outside the tube are used to control the levitation position and to temporarily bring the magnet into contact with a part of the tube structure. Contact is used in combination with a rotor to initiate the spinning motion of the magnet. The passively spinning and levitating magnet will continue to spin for an unusually long period of time due to the lack of contact and extremely low air drag and eddy-current friction.