Step 1: Meaning of diamagnetism.
Diamagnetism is a weak magnetic property shown by materials in which induced magnetic moment is opposite to the applied magnetic field.
Step 2: Check option (A).
Diamagnetic substances are repelled by strong magnetic fields, so they move from strong magnetic field region to weak magnetic field region. Hence, option (A) is correct characteristic.
Step 3: Check option (B).
Diamagnetism does not originate from spin of electrons. It mainly arises due to induced orbital motion of electrons in an external magnetic field. Hence, option (B) is not correct.
Step 4: Check option (C).
Diamagnetic materials have small and negative magnetic susceptibility. Hence, option (C) is correct characteristic.
Step 5: Check option (D).
Diamagnetic materials are weakly repelled by magnets. Hence, option (D) is also correct characteristic.
Step 6: Final conclusion.
The statement which is not a characteristic of diamagnetism is option (B).
\[
\boxed{\text{Option (B)}}
\]