Hematite is iron oxide, and it has the most memorable diagnostic property in common mineralogy: whatever colour its surface is — silver, grey, black, gunmetal — it always streaks red-brown. The name comes from the Greek for blood, and a specimen rubbed on an unglazed tile leaves a rust-red line that nothing else metallic-looking does.
It is also dense, at about 5.3 specific gravity, so a piece feels considerably heavier than it looks. That combination — heavy, metallic, red streak — is close to conclusive on its own.
The interesting part is what the market does with it. Almost every 'magnetic hematite' bracelet and 'hematite' magnet toy sold is not hematite at all but a manufactured barium or strontium ferrite, sometimes called hematine or magnehematite. Real hematite is only very weakly attracted to a magnet — it is paramagnetic, not ferromagnetic — so a stone that jumps to a fridge magnet or sticks to another bead has told you what it is.