Zakat on gold/silver

http://darulfiqh.com/is-there-zakat-on-white-gold-jewellery/

Question:

Is there Zakāt on white gold jewellery?

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

White gold is an alloy of gold and at least one white metal, usually nickel, manganese or palladium.

Thus, white gold is treated like normal gold and is subject to Zakāt.

The amount of Zakāt payable would be calculated by multiplying the full weight of the jewellery by the price per gram for gold of that carat.

For example, if one has an 18 carat white gold bangle weighing 50 grams, then 50 grams would be multiplied by the price of a gram of 18 carat gold.

Likewise, if one has a 9 carat white gold bangle weighing 50 grams, then 50 grams will be multiplied by the price of a gram of 9 carat gold.

And Allah Ta’ālā Knows Best

Mufti Faraz Adam al-Mahmudi, 



http://darulfiqh.com/do-i-have-to-pay-zakat-on-a-diamond-ring/

I own a ring with a diamond inside.  Do I have to pay zakat on the diamond?

Answer:

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

In principle, precious stones and metals besides gold and silver are not subject to Zakāt.  However, if one has purchased precious stones with the intention of resale, then they will be subject to Zakāt.  In this case, they will be considered as stock in trade and hence Zakātable.

Therefore, if the ring you possess is merely for personal wear, you do not have to pay any Zakāt on the diamond.[1]

And Allah Ta’āla Knows Best

Mufti Faraz ibn Adam al-Mahmudi,www.darulfiqh.com