An elongated magnetic rotor member supported by a magnetic bearing assembly in a conduit, the rotor having opposite ends with substantially conical tips which are supported by a magnetic field associated with the ends of the rotor and with spaced magnetic stator members. Each stator member includes a generally cup-shaped jewel that may be radially adjustable with respect to the longitudinal axis of the stator member. Each jewel provides a potential bearing surface for one of the rotor tips. The magnetic fields are longitudinally oriented, and are of such polarity that the tips of the rotor are drawn, in opposite directions, toward an adjacent jewel. The cup shape of the jewels provides lateral support for the rotor tip and aids in the centering thereof.