Paramagnetism is a form of magnetism that occurs in materials with unpaired electrons. These unpaired electrons create tiny magnetic moments that align with an external magnetic field, causing the material to become weakly magnetized in the direction of the field. When the external field is removed, the material loses its magnetization. Common examples of paramagnetic materials include aluminum, platinum, and certain metal ions like iron(III). Unlike ferromagnetic materials, which retain magnetization, paramagnetic substances only exhibit magnetism in the presence of an external magnetic field and do not have a permanent magnetic moment.