Do I have to pay Zakat on a diamond?
The question, as received
I own a ring with a diamond inside. Do I have to pay zakat on the diamond?
The answer
In principle, precious stones and metals besides gold and silver are not subject to Zakāt. However, if one has purchased precious stones with the intention of resale, then they will be subject to Zakāt. In this case, they will be considered as stock in trade and hence Zakātable.
Condition: No zakat on a diamond for personal wear; precious stones are zakatable only if bought for resale.
Explanation
Therefore, if the ring you possess is merely for personal wear, you do not have to pay any Zakāt on the diamond.1
And Allah knows best.
Mufti Faraz Adam
References
1ولا زكاة في الجواهر واللآلئ إلا أن يتملكها بنية التجارة كسائر العروض (مراقي الفلاح من نسخة حاشية الطحطاوي ص 718 دار الكتب)
Based on the Hanafi school and on the question as it was asked. Another mufti may reach a different conclusion. Read the disclaimer.