Nice solution with using the magnet as an emergency breakaway. For best electrical safety, the usual solution is to have a resistor in series with the drain wire so that you won't get a shock if there is a fault with the machine electrics. A value of around 1 megohm is sufficient to drain away static charge while protecting against fault currents. Most of the wristbands I've seen have a resistor or use a carbon strip or something to provide the resistance.

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