Zakatable Assets/Items..

Details of the Question
Are Precious stones, Diamonds, Expensive watches and Jwellaries other than Gold And Silver Zakatable? If they are, how to measure their values? Please provide reference(s) in your answer.
The Answer

Dear Brother / Sister,

Zakah (alms) is not paid for diamonds, emeralds, rubies, pearls and similar precious stones that are kept as ornaments or adornments. However, zakah is paid for gold and silver even if they are kept as ornaments or adornments if they are more than the amount of nisab (minimum amount liable to zakah). It is the view of the Hanafis. According to Shafiis, zakah is not paid for the ornaments or adornments of women. (al-Ayni Sharh al-Hidayah.)

Zakah is not paid for any kinds of jewelry except gold and silver unless they are kept for trade. Therefore, the brilliants, rubies, diamonds, pearls and similar things that are kept as ornaments by women are not subject to zakah. (al-jawharatu'n-Nayyira)

(Celal Yıldırım, Kanaklarıyla İslam Fıkhı, Uysal Kitabevi: 2/116-142.)

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