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Is the Zakat applicable on precious stone/diamonds?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Is the Zakat applicable on precious stone/diamond? Thanks

Answer

(Fatwa: 1053/1053=M/1429)

There is no Zakah on precious stones and diamond. Yes, if they are for business purpose then the Zakah shall be wajib (necessary):

لا زکاۃ فی اللآلی والجواھر الا ان تکون للتجارۃ۔

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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