Is there zakah in jewelry? And how is its zakah calculated?

The questioner : Regarding jewelry, is there zakah in it? And how is the zakah paid and given out on it?

The Shaykh : There are two well-known opinions among the scholars regarding the zakah of jewelry: some hold that zakah is obligatory on women's jewelry, while others do not. The correct view is that of those who made it obligatory, because there are authentic hadiths from the Prophet (peace and blessings be upon him) stating that he saw a woman with a ring on her hand—I do not remember now whether it was of silver or gold—and he said (peace and blessings be upon him): . She said: No. He said (peace and blessings be upon him): . This is an explicit statement that it is obligatory to pay zakah on women's jewelry.
As for the method of payment: the jewelry a woman has on her hand may not reach the nisab, or it may reach it. If it reaches the nisab, this ring is appraised to determine its value: if it is half a nisab, two and a half percent is paid, and one and a quarter percent for the second half. If it does not reach the nisab, the woman looks at her other wealth, whether it is gold or silver, and adds the value of the jewelry to the value of the gold or silver she has. If the total reaches the nisab, zakah is obligatory; otherwise, it is not.