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Zakat On Zaiwarat (Gold Jewelry)
My wife has gold jewelry (Zaiwarat). The PRIMARY and SOLE purpose of that gold jewelry, when it was being acquired/bought was to use it as jewelry; it was NEVER meant to be a financial asset. However, because all of it is made out of gold, it has an inherent value. Also, there is a very small component of thought that this jewelry could be sold as an asset if an emergency financial difficulty arises. However, this jewelry will only be sold as a LAST RESORT, after all other financial means to handle the financial emergency had been exhausted (due to the emotional component attached to that jewelry); it would be the last thing that will be sold out.
That jewelry is ALL in the form of wearable jewelry and none of it is in the form of gold bullions.
Do we have to pay Zakat on this jewelry?
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3 Replies
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Zakat On Zaiwarat (Gold Jewelry)
updated 1 week, 6 days ago
2 Members
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3
Replies
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It is considered usual wearing, no matter if used less frequently, therefore exempted from Zakat. Assets are sold when there is a compelling need, even house is sold, this probability does not make jewelry a commercial asset.
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CONCLUSION: There is NO Zakat due on Zaiwarat (Gold Jewelry), that were bought for the PRIMARY purpose of as wearable jewelry; even if that gold jewelry has significant financial value and could be sold as an asset in dire financial circumstances.
That Gold jewelry is EXEMPT from Zakat, because it’s PRIMARY PURPOSE is to use it as jewelry (ornaments), even though it has a significant financial value and has the potential to be sold as an asset.
So, I guess, the BOTTOM-LINE is the PURPOSE/INTENT of the valuable. If for personal use, then NO Zakat; if as a form of saved asset, then Zakat Payable.
Dr. Irfan Shahzad, kind endorse the above summary, if it is accurate. If not, kindly suggest the changes.
و السلام عليكم ورحمة الله وبركاته
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It is correct.
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