I heard from somewhere that there is NO zakat to be paid on diamonds/ precious stones?!? It sounded a bit strange to me considering the fact that diamonds cost way more then gold.
So how does one pay Zakat on such stones?
JAK
Wassalam.
Re: Zakat on Diamonds.
If they are used for personal jewelry that you wear often, then I believe there would not be any Zakat, otherwise they would be part of your net savings and come under the 2 1/2 percent rule…but do check with an Alim.
Re: Zakat on Diamonds.
Diamonds as jewelery has no zakat ..
if you have a diamnd business then yes you have to pay zakat ..
As you cannot wear all your dimaonds all the time .. some of them are always giong to be part of your saving .. but they are stll diamonds .. so no zakat on them either..
also if you put some diamonds or even gold and silver aside for your kids .. and if they are not 18 .. no zakat on that either
Re: Zakat on Diamonds.
If they are used for personal jewelry that you wear often, then I believe there would not be any Zakat, otherwise they would be part of your net savings and come under the 2 1/2 percent rule.....but do check with an Alim.
ok will do InshAllah. But whether or not we wear our gold often; we still have to pay zakat on that.
[quote="TLK"]
Diamonds as jewelery has no zakat ..
if you have a diamnd business then yes you have to pay zakat ..
As you cannot wear all your dimaonds all the time .. some of them are always giong to be part of your saving .. but they are stll diamonds .. so no zakat on them either..
**
JAK for letting me know... I would like to know the refernce to the first part if it isn't too much trouble.
As for the "bold" part... I have heard a very differnt opinion on this, that being that parents still have to pay zakat on it since they are the ones who bought it... heard it a while back in durs, so i cant really provide any referencing right now.**
Re: Zakat on Diamonds.
This is a very authentic Sunni Hanafi website
Re: Zakat on Diamonds.
walaikum assalam
my understanding is that you dont have to pay for zakat on jewelry that you wear regularly.
Allahu Alim
Re: Zakat on Diamonds.
JAK. That was helpful.
Re: Zakat on Diamonds.
There is no zakaat on capital or capital gain. Its only on the personal savings. A money at work in a business is not considered personal saving and has no zakaat. But if you let the money sit for a year outside of the business and personal usage, you will need to pay the zakaat.
Diamonds as jewelery has no zakat .. if you have a diamnd business then yes you have to pay zakat ..
As you cannot wear all your dimaonds all the time .. some of them are always giong to be part of your saving .. but they are stll diamonds .. so no zakat on them either..
also if you put some diamonds or even gold and silver aside for your kids .. and if they are not 18 .. no zakat on that either
Re: Zakat on Diamonds.
now this is interesting.
i thought anything of value is zakatable- minus the total amount (6or9) that women are allowed....