Depending upon the size, all that you need to demagnetise an item is to pass it through a fluctuating magnetc field.
Cassette recorder heads are demagnetised using a "wand" fed with low voltage AC.
Larger items are demagnetised by passing through a coil carrying an AC voltage.
So, it should be possible to make a demagnetiser, AS LONG AS YOU KNOW WHAT YOU ARE DOING.
I E Electrically safe,
No acessible terminals; earthed, or double insulated, and not taking excessive current likely to cause overheating and fire. The insulation should be adequate for the voltage applied. (Don't put 230Volts AC onto something insulated for 12 volts!)
For short term, intermittent use, an Induction motor, minus the rotor, used WITH CARE, might suffice, to pass small items through.
But switch off, and disconnect when not in use.
Now this should bring in folk who really are expert in electrics and such devices
Howard