The Ruling on the Zakah of Precious Metals
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Q: In this time, the types of jewelry have multiplied; such as diamonds, platinum, and others, prepared for wearing and other purposes. Is there zakah in them? And if they are in the form of vessels for adornment or for use? Please inform us, may Allah reward you.
A: If the jewelry is made of gold and silver, then there is zakah in it if it reaches the nisab and a lunar year has passed over it, even if it is for wearing or for lending, according to the most correct of the two opinions of the scholars; due to authentic hadiths that have been reported regarding this.
As for if it is made of something other than gold and silver; such as diamonds, agate, and the like, then there is no zakah in it, except if it is intended for trade. In that case, it becomes part of the goods of trade, so zakah becomes obligatory in it, just as it is obligatory in other goods of trade.
It is not permissible to make vessels from gold and silver, even for adornment; because making them for adornment is a means to using them for eating and drinking. It is authentic from the Messenger of Allah (peace and blessings be upon him) that he said:Sahih Muslim 2067g. It is agreed upon that it is authentic.
Upon the one who makes them is their zakah, along with repentance to Allah (Mighty and Majestic). He must also change them from vessels to other types that do not resemble vessels; such as jewelry and the like.
A: If the jewelry is made of gold and silver, then there is zakah in it if it reaches the nisab and a lunar year has passed over it, even if it is for wearing or for lending, according to the most correct of the two opinions of the scholars; due to authentic hadiths that have been reported regarding this.
As for if it is made of something other than gold and silver; such as diamonds, agate, and the like, then there is no zakah in it, except if it is intended for trade. In that case, it becomes part of the goods of trade, so zakah becomes obligatory in it, just as it is obligatory in other goods of trade.
It is not permissible to make vessels from gold and silver, even for adornment; because making them for adornment is a means to using them for eating and drinking. It is authentic from the Messenger of Allah (peace and blessings be upon him) that he said:
do not drink ifi vessels of gold and silver, and do not eat in the dishes made of them (i. e. gold and silver), for these are for them (the non-believers) in this world.
لا تشربوا في آنية الذهب والفضة، ولا تأكلوا في صحافها؛ فإنها لهم (يعني الكفار) في الدنيا، ولكم في الآخرةUpon the one who makes them is their zakah, along with repentance to Allah (Mighty and Majestic). He must also change them from vessels to other types that do not resemble vessels; such as jewelry and the like.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.