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Ribbon tweeters are the close cousins of full-range planar speakers. A ribbon tweeter consists of a thin piece of metal, usually aluminum, which is placed between a magnet's positive and negative poles. The poles are then wired to a special transformer which feeds it a high current. The ribbon reacts to changes in this current, effectively acting as the coil in a normal dynamic speaker (which we're all used to).
A ribbon's efficiency is directly tied to how strong the magnet is; big magnet equals high efficiency. Ribbon tweeters have a different quality about them when compared to other tweeter designs.