Is there zakat on gold stock or only on stored wealth?

Assalaamu ‘Alaykum wa Rahmatullaahi wa Barakaatuh.

1) The difference of opinion in whether or not Zakaah is due on jewellery worn by women is between Imaam Abu Haneefah and Imaam Shaafi’eey (rahimahumullaah) . If you are a follower of the former you will be liable to pay Zakaah on whatever jewellery you own for personal use whether or not you wear it and irrespective of whether it is for personal use or stored as wealth.

*If a woman owns jewellery equal to 612.35g of silver or 87.479g of gold, she will be liable to pay Zakaah even though she does not wear the jewellery at all. (Durrul Mukhtaar)

*If a woman owns gold and silver jewellery. the combined value of which equals the Nisaab of silver (612.35g), Zakaah will be Fardh. (Bahrur-Raa’iq, Fataawa Darul Uloom)

However Imaam Shaafi’eey is of the opinion that Zakaah will not be due on jewellery if it was is worn even once during the course of the year. According to him, Zakaah will only be due on jewellery that is not used at all and stored as wealth.

2) Zakaah is not due on any precious stones or diamonds.

* If jewellery for personal use (not for sale) has precious stones or pearls in it, Zakaah will not be due on the value of the stones and pearls. The stones and pearls will not be regarded as part of the gold if they are distinguishable from the gold. This is the Fatwa of Moulana Ashraf Ali Thanwi (ra). However, it will be best if the person includes the value of the stone to the gold so that there is more benefit for the poor, and there remains no doubt with regards to the fulfillment of Zakaah.

* Zakaah is not due on any precious stones mounted on gold jewellery. (Aap ke Masaa’il aur un ka Hal)

However when distinguishing the weight of the gold minus the stones or diamonds one should be particularly cautious. Many a time, it is difficult to know the exact wieght of the stone. In such cases you would rather give more, than risk giving less Zakaah than is fardh on you.

And Allaah knows best.

Wassalaam

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A. Z. Pandor