It is generally accepted that the magnetic component of light has a minor role in the light-matter interaction. The recent discovery of metamaterials has broken this traditional understanding, as both the electric and the magnetic field are key ingredients in metamaterials. The top-down technology used so far employs noble metals with large intrinsic losses. Here we report on a bottom-up approach for processing metamaterials based on suspensions of monodisperse full dielectric silicon nanocavities with a large magnetic response in the near-infrared region. Experimental results and theory show that silicon-colloid-based liquid suspensions and photonic crystals made of two-dimensional arrays of particles have strong magnetic response in the near-infrared region with small optical losses. Our findings might have important implications in the bottom-up processing of large-area low-loss metamaterials working in the near-infrared region.