Strong magnetic fields allow levitation of apparently nonmagnetic substances due to their weak but not negligible diamagnetic response of about 10−5. Importantly, the diamagnetic force compensates gravity on the level of individual atoms and molecules and, therefore, can be used to mimic a continuous zero-gravity environment that, otherwise, is only achievable on board of a space station. Here we employ this earth-bound low gravity to demonstrate a simple mechanical gyroscope with sensitivity already comparable to that achieved by quantum and military gyroscopes. Our gyroscope can serve as a “shooting range” for the development of precision orbiting gyroscopes that have been a subject of intensive discussions regarding possible tests of general relativity.