Calculating zakat can prove tricky for some of us. Some people get confused about the property, some about cash, and some are just worried about the jewelry. It is the latter kind of people we are concerned about in this discussion. Gold and silver are the standard jewelry items, which are used as a reference as well. However, what about other precious stones? One of these stones is diamonds. It is also the subject of our discussion today. How to calculate zakat on diamonds?
When should one pay zakat
Before you pick up the calculator, you must know a thing or two about Ramadan. The first question is, of course, is about the timing. When should one pay zakat? While most of the Muslims pay zakat in the holy month of Ramadan, it is hardly a compulsion. You can pay zakat throughout the year. It is ideal if you pay zakat at a time when it is needed the most. For example, considering the current unemployment and rise in poverty because of COVID-19, it is best to pay zakat now. This might help those who are suffering the most because they have lost their jobs.
It is also important to have a concept of Nisab. This is the minimum threshold for paying zakat. If one does not have the assets worthy of Nisab, he or she does not have to pay zakat. Two parameters are used as a standard for determining the Nisab. These are gold and silver, their amounts are different to each other. You must have either 85 grams of gold or 613 grams of silver to become eligible for paying zakat. In terms of percentage, you must pay a 2.5 percent if you meet the Nisab threshold.
Should one pay zakat on diamonds?
We now come to the question around which this whole discussion has been structured. Apart from gold and silver, there are other precious stones used in jewelry as well. For example, rubies and diamonds. So, what about these then? How are you going to pay zakat on diamonds and stuff like that? Well, before you rush to pick up your calculator, you should know something. Not all diamonds are zakat-able! Intriguing, right? Now, let us tell you all about it in detail.
Zakat and diamond jewelry
If you have some stones as ornaments, you do not have to pay zakat on these stones. To clarify the matters further, you do not have to pay zakat on the diamonds that are used or kept for ornamental reasons. However, if you have jewelry items that have diamonds in them, you must pay zakat on such items. For example, if you have a diamond necklace or bracelet with gold in it, you must pay zakat on such jewelry. Therefore, the rule is you must pay zakat for diamonds only if set in a jewelry of gold or silver.
Zakat and trading diamonds
So, which diamonds are zakat-ble then? Well, if you have stones of this nature, which you use for trading purposes, you have to pay zakat on these. This means that the buyers and sellers of diamonds have to pay the due amount of zakat on their items. Diamond is quite a precious little stone; its market value is quite high. Hence, it must not come as a surprise to you, the number of Muslim merchants who dabble in diamonds.
How to calculate Zakat on diamonds?
To calculate zakat on your possessions, you have two options. Either you can pick up the calculator and do it all by yourself. Alternatively, you can enter all of your possessions on an online zakat calculator. If you opt for the latter option, then make sure you use a dependable zakat calculator. You can calculate zakat on diamonds, right here! The tool will allow you to factor in all of your assets and possessions.
Well, it is time to wrap up. We understand that zakat calculations are not as easy as they seem. Hence, you should carefully factor in all of your possessions. It is an obligation on which many of the underprivileged depend. Your charity will get the wealth circulating, something which the modern-day society needs desperately amid this global pandemic!