Statement l: Diamagnetic materials can exhibit magnetism.

Statement II: Diamagnetic materials have permanent magnetic dipole moment.

Some materials when placed in an external magnetic field, acquire a very low magnetism in a direction opposite to the field. These materials when brought near the end of a strong magnet, they get repelled. These materials are diamagnetic and this property of materials is called the diamagnetism. This property is generally found in materials in which there are even number of electrons in their atoms (or molecules) and pairs are formed with two electrons. In each pair, the spin of one electron is in direction opposite to the spin of other electron. Hence, the electrons of each pair completely cancel the magnetic moment of each other. Thus, the net magnetic moment of each atom of such material is zero.