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The chemical element  Iodine is diamagnetic in nature.  That is it repels an external magnetic fied.  It induces a magnetic field that has direction opposite to the external magentic field.

In ferromagnetic or paramagnetic materials, the induced magnetic field is in the same direction as that of external magnetic field.  So those materials are attracted to magnets.

In dielectric or non-conductor substances, the electrons are bound to protons within the shells in atoms.  The negatively charged electrons go around  in circles in atoms.  It is like current going in loops.  The external magnetic field and the magnetic field of the current loops of charged electrons have repulsive effect.

Magnetite is called Iodostone.  Iodostone is Ferric oxide which is a naturally occuring ferromagnetic material.

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