Sensitivity of the diamagnetic signal to several operational and geometrical factors is analysed. Among them are the flux conservation in the plasma, eddy currents induced in the outer structures at fast processes, toroidal shift and deformation of the plasma boundary due to its energy change, and inhomogeneity of the confining magnetic field. It is shown that in each case, under proper experimental circumstances, the contribution, unaccounted in the traditional theory of diamagnetic measurements, can reach a level compared to β (ratio of the volumeaveraged plasma pressure to the magnetic field pressure). The approach is fully analytical with all relevant dependencies shown explicitly, allowing easy estimates and suggesting a resolution of the problem in order to restore the accuracy of finding β from diamagnetic measurements. This essentially extends the analysis [1] of possible measures to improve separation of the useful fraction of the measured diamagnetic signal. The approach is aimed to explanation of the discrepancies between model estimates and experimental results, unification of a knowledge obtained in separate numerical studies, extending a theoretical basis of magnetic diagnostics and uncovering potential dangers in interpretations. This is also an essential step from traditional cylindrical theory to analytical derivations in the toroidal geometry. The results are equally applicable to tokamaks and stellarators.Interpretation of diamagnetic measurements in tokamaks and stellarators is based on a simple formuladerived for a circular plasma cylinder more than 50 years ago, or its modifications. HereΦ is the flux of the magnetic field through the diamagnetic loop and ΔΦ is the difference between the current state and initial state when, B is the magnetic field, v B is the vacuum magnetic field (assumed unchanged in this case),