Is there zakah on jewelry, and how is its zakah calculated?

The questioner : Regarding jewelry, is there zakah on it? And how is the zakah paid and extracted from it?

The Shaykh : There are two well-known opinions among the scholars regarding the zakah on jewelry: some obligate zakah on women's jewelry, while others do not. The correct view is that of those who obligated it, 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 made of silver or gold—and he said to her: She said, "No." He said: This is an explicit statement of the obligation to pay zakah on women's jewelry. As for the method of payment, the jewelry on a woman's hand may not reach the nisab, or it may reach it. If it reaches the nisab, the value of this ring is assessed: what is its price? It is the nisab and a half, so 2.5% and 0.25% are extracted for the second half. If it does not reach the nisab, in this case, the woman looks at...