Since it was in a box of Indian artifacts (although it "could" be unrelated) I think it's likely Indian artifact that looks like it and is often made of hematite
which is magnetic.
Here are some pics. of found
Hematite cones, which can very in diameter, height, pointedness, polish, and material:
Yes, I thought that was obvious .
Maybe your reading something into the word magnetic that I'm not assuming ?
I was using the word magnetic in the same common sense as "3:" in the picture below of Websters unabridged dictionary, hope that helps, Bigcy. .