Purcell's Electricity and Magnetism has a very interesting section that gives some insight into diamagnetism using elementary classical concepts. The section is titled "Electric Currents in Atoms" and is section 11.5 in the second and third editions, section 10.5 in the first edition. The induced electric field associated with a changing magnetic field plays a central role in the discussion. The overall change in magnetization ##\Delta m## in this classical model depends only on the overall change in the applied field ##\Delta B## and does not depend on the rate at which the applied field changes.
This classical model is not meant to be taken too seriously. To quote from the 3rd edition:
As mentioned at the beginning of this section, diamagnetism (and likewise paramagnetism and ferromagnetism) can be explained only with quantum mechanics. A purely classical theory of diamagnetism does not exist. Nevertheless, the above discussion is helpful for understanding the critical property of diamagnetism, namely that the change in the magnetic moment is directed opposite to the applied magnetic field.