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An alloy from which a sintered R-T-B-M magnet, wherein a Dy-rich R2T14B is present in the outer shell of the main phase of crystal grains over the entire sintered magnet, can be produced. In this alloy, an area having a high concentration of an RH, that is a heavy rare-earth element, has been continuously formed in the interfacial region between the main phase of the sintered R-T-B-M magnet, which comprises crystals of an R2T14B compound, and another phase.