How do I calculate the value of my gold jewellery for Zakat?
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
According to the Hanafi school, all forms of gold and silver assets are Zakatable regardless if they are worn, stored or forms of investment.
To work out the value of your gold/silver jewellery, you need to figure out what it is currently worth. This can be done in one of the following ways:
- Visiting your local jeweller and finding out how much they would buy your jewellery for
- Searching the scrap value of the amount of gold you have online.
And Allah Ta’ālā Alone Knows Best
Mufti Faraz Adam,
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