You didn't mention the version of Paradox you're using, so this is going to seem a bit scatter-shot. Sorry...
Part of the problem may be due to the internals. The Paradox Graphic field is, unfortunately, a Windows metafile beast. It doesn't necessarily support formats other than WMF's metafiles or BMP's.
In fact, your original JPG may be being converted to one of these formats, losing something in the process.
Since JPG's can be compressed while neither WMF's nor BMP's are, you may be better off to
a) store the original JPG in a separate directory and store that filename in your table or b) storing the JPG as a binary BLOB and writing it to a temp file to display it.
Personally, I'd opt for the former approach, especially in this day of cheap disk space.
You could then display the picture by either dropping a button on your form and pointing the user's web browser to the target file (crude, but effective) or embed a JPG-aware ActiveX control on your forms/reports as needed.
The difficulty of the latter may depend on the version of Paradox and the ActiveX/OCX control you're using.
Older versions of Paradox (5.01 and before) were especially vunerable to graphic images with 256 color+ palettes. If you're using a 16-bit version, this may be a factor as well.
Hope this helps...
-- Lance