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Old 09-17-2007, 10:34 AM   #1
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Zakat on Diamonds

Assalamoalaikum,

I searched for this topic on Al-Maghrib forums and could not find anything and therefore determined that maybe this question has not been asked yet. Alhamdulillah it is the blessed month of Ramadan when some of us try to determine their Zakat. As I was trying to determine mine and how to calculate it, I was informed by local imam that there is no zakat on diamonds even though it is a precious and valuable stone.

I wanted to confirm that from another source as it did not make much sense to me and also the fear of making a mistake and being held accountable for it in the Aakherah.

Could someone with knowledge regarding this matter or maybe the Shaykh himself help answer this question?
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Old 09-18-2007, 09:47 AM   #2
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Re: Zakat on Diamonds

*bump*
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Old 09-18-2007, 03:54 PM   #3
Yaser Birjas
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Re: Zakat on Diamonds

I moved this thread from the Fiqh of Live folder to this folder because it is related to Zakat more than weddings or Mahr and jewelry.

The reason for obligating Zakat on Gold and Silver has nothing to do with their material value, it is for the reason that they have been and still until this day considered the standard value for all commodities according to the opinion of the majority.
So when people used to procure items by means of trade they used to compare things to a standard value based on a specific weight in gold or silver. Deenar for the gold and Dirham for the silver.

Diamond might be more valuable in the market value today and requires a huge fortune to own some but it is not known to be the value of commodities.
Today, currencies of all kind are substituting gold and silver. In the past it had a golden or silver reserve in the central bank but not anymore. The economy of the country is what sustains the currency value more than its gold or silver cover in the bank. Hence zakat is wajib on money of all kinds.

Now, Diamond however is subject to another form of Zakat, called 'Rikaaz'. Rikaaz is the word used to describe treasures and minerals unearthed naturally or by human efforts, through private mining or governmental. Private mining is one subject to Zakat.

Things fall under Rikaaz with some difference of opinion amongst the Fuqaha are, diamond, Oil (Petrol) and other valuable items as long as they are found in a reasonable or massive quantities.
If the person owns a jewelry store and has diamond there for sale, then it becomes of the commodities subject to zakat. But there is no zakat on diamond regardless how much it costs if it was for personal use.

And Allah knows best.


Sheikh Muhammad can shed more light on this insha'Allah
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Old 09-18-2007, 06:43 PM   #4
omer_k88
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Re: Zakat on Diamonds

I should mention that there is the whole issue of conflict diamonds as well. Google it and you might see why buying diamonds at all would be a bad idea.
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Old 09-19-2007, 10:50 AM   #5
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Re: Zakat on Diamonds

Jazakallah Khairan Sheikh Yaser. Thank you for responding to this subject. I did not originally post this thread in the Fiqh of Love but in the Usool Of Fiqh category. But I don't know how it got there and apologize if I made an unitentional mistake.

Alhamdulillah, the detail that you provided is very helpful in understanding this matter and I will certainly communicate this to other people who were concerned about the same issue.

May Allah bless you for your knowledge and help you gain the most you can out of this blessed month inshAllah.

Last edited by Guidance Seeker; 09-19-2007 at 10:50 AM. Reason: Spelling
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Old 09-19-2007, 02:16 PM   #6
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Re: Zakat on Diamonds

As a follow up questions Sheikh, one thought that does come to mind is what about people who may use this as a "loop hole" to keep their wealth in diamonds to avoid zakat. Is there a cap on all this where at certain point is considered excessive and where you become responsible for zakat?

Jazakallah Khairan.
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Old 09-20-2007, 10:22 AM   #7
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Re: Zakat on Diamonds

*bump*
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Old 09-29-2007, 03:36 PM   #8
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Re: Zakat on Diamonds

Sheikh Yasir - Are there any resources either online or in print that you can recommend on the topic of zakat? Jazak Allahu Kair.
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Old 09-29-2007, 11:49 PM   #9
Muhammad Alshareef
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Re: Zakat on Diamonds

Bismillah.
Alhamdulillah awesome answer by Sh.Yaser. (I learned something new in that: the diamonds unearthed are Rikaaz. Cool)

You do not have to pay Zakah on your personal home jewelry diamonds.
If people buy diamonds (or paintings, or antique cars, or comic books - Amazing Spider Man #1), to put their personal money somewhere, they do not have to pay zakah on it. It's their personal stuff.

How much is excessive? And does excessive-ness even change this rule?
Allahu 'alam, for the scope of what you are asking about, I don't think it would get in to the area of someone trying to run a loop hole on the shari'ah. The fact that they are asking means that they care about giving Zakah.

And Allah knows best.
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Old 09-30-2007, 09:56 PM   #10
Al Baraa
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Re: Zakat on Diamonds

Quote:
Originally Posted by Muhammad Alshareef
You do not have to pay Zakah on your personal home jewelry diamonds. If people buy diamonds (or paintings, or antique cars, or comic books - Amazing Spider Man #1), to put their personal money somewhere, they do not have to pay zakah on it. It's their personal stuff.
"collector's items" are not zakat-able at all? Also...is there a difference of opinion on the issue of owning comic books especially since they are drawn by hand?
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