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