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Are Diamonds Exempted from Zakaat?
Epi_19_09


Yusuf Chambers: Are diamonds exempted from Zakaat?

Dr. Zakir: As far as diamonds and other precious stones are concerned ruby, pearl, safire it’s a unanimous agreement amongst all the scholars that Zakaat need not be given on these precious stones including diamonds but if its used for trade, for buying and selling then but natural, it should be paid once every year whatever stock you have, if you are using it for selling but if its used as an ornament, you know, the precious stone, Zakaat is not liable but if there is a mixture of jewelry gold and diamond together then if that amount of gold reaches the Nisaab level then Zakaat is due on that but on the diamond on the other precious stones it’s not liable.

But again nowadays, many people they purchase diamonds as an investment you know because even the value of diamonds increases so if its bought with the Niya of investment, there are certain Fuqahas who say that if its for investment that the Niyat is there that their intention is for that and to gain profit then Zakaat should be paid on diamond, if its only for normal use, for personal use and not for investment then Zakaat is not liable on diamond and other precious stones.


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