Via Wikipedia.

Levitating pyrolytic carbon
Diamagnetism is the property of an object which causes it to create a magnetic field in opposition of an externally applied magnetic field, thus causing a repulsive effect. Specifically, an external magnetic field alters the orbital velocity of electrons around their nuclei, thus changing the magnetic dipole moment in the direction opposing the external field. Diamagnets are materials with a magnetic permeability less than ?0 (a relative permeability less than 1).
Consequently, diamagnetism is a form of magnetism that is only exhibited by a substance in the presence of an externally applied magnetic field. It is generally quite a weak effect in most materials, although superconductors exhibit a strong effect.
Diamagnetic materials cause lines of magnetic flux to curve away from the material, and superconductors can exclude them completely (except for a very thin layer at the surface).
In 1778 S. J. Bergman was the first individual to observe that bismuth and antimony were repelled by magnetic fields. However, the term “diamagnetism” was coined by Michael Faraday in September 1845, when he realized that all materials in nature possessed some form of diamagnetic response to an applied magnetic field.
A thin slice of pyrolytic graphite, which is an unusually strong diamagnetic material, can be stably floated in a magnetic field, such as that from rare earth permanent magnets. This can be done with all components at room temperature, making a visually effective demonstration of diamagnetism.
The Radboud University Nijmegen, the Netherlands, has conducted experiments where water and other substances were successfully levitated. Most spectacularly, a live frog (see figure) was levitated.[3]
See also ferromagnetism and paramagnetism.
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