These substances are weakly magnetized in an external magnetic field. The direction is the same direction of the magnetic field. So they gain a net magnetization When we remove the paramagnetic substance from the field, the alignment of electrons is interrupted and the substance will lose its magnetic property. Thus paramagnetic substances are not permanent magnets.
Paramagnetism is due to at least one pair of unpaired electrons in its orbit shell which get magnetized in the magnetic field. Some common examples are O2, Cu2 etc.
Just like paramagnetism, in diamagnetism too the substances are magnetized in an external magnetic field. But diamagnetic solids are repelled in the field. The magnetic property effected in them is in the opposite direction of the magnetic fields and thus they have a repulsive force.
In diamagnetic substances, all electrons in their last shell are paired, there are no valence electrons. This is the reason that the magnetic moment of their atoms is nearly zero. Examples are substances like Sodium Chloride, Benzene etc
It is a widely believed theory that the ferromagnetic structures have certain special characteristics. They have what we call “domains’ which is a special grouping of metal ions. Each domain is similar to a small magnet. In an electromagnetic field, these domains rearrange themselves and align themselves with the magnetic field. In a non-magnetized metal, these domains are randomly arranged and it cancels out their magnetic properties.
The examples of ferromagnetic solids include Cobalt, Nickel, Chromium Oxide etc