Q. Is there Zakaat on precious stones, gems, diamond and expensive ornaments ?
(Question published as received)
A. No. There is no Zakaat on precious stones or metals besides gold and silver unless they have been purchased with the intention of resale. In this case, they will be considered as stock in trade which is subject to Zakaat.
And Allah Knows Best
Mufti Suhail Tarmahomed
Mufti Ebrahim Desai