Researchers seek methods to levitate matter for a wide variety of purposes, ranging from exploring fundamental problems in science through to developing new sensors and mechanical actuators. Many levitation techniques require active driving and most can only be applied to objects smaller than a few micrometers. Diamagnetic levitation has the strong advantage of being the only form of levitation which is passive, requiring no energy input, while also supporting massive objects. Known diamagnetic materials which are electrical insulators are only weakly diamagnetic and require large magnetic field gradients to levitate. Strong diamagnetic materials which are electrical conductors, such as graphite, exhibit eddy damping, restricting motional freedom and reducing their potential for sensing applications. In this work, we describe a method to engineer the eddy damping while retaining the force characteristics provided by the diamagnetic material. We study, both experimentally and theoretically, the motional damping of a magnetically levitated graphite plate in high vacuum and demonstrate that one can control the eddy damping by patterning the plate with through-slots which interrupt the eddy currents. We find that we can control the motional quality factor over a wide range with excellent agreement between the experiment and numerical simulations.