Praise be to Allah, The Lord of the Worlds.
It isn`t an obligation to pay Zakah on permissible jewelry used as ornament of a woman, even if it reaches Nisaab (Minimum amount liable for Zakah). This is according to the stronger opinion of our Madhab (Shafie), and it is also adopted by the Maliki and Hanbali Madhabs as well. Kindly, refer to {Moghni al-Mohtaaj, vol.2/pp.95}, Hashiyat al-Dosoukhi, vol.1/pp.490}, and {Khash-Shaaf al-Khina`, vol.2/pp.234}.
Permissible jewelry refers to gold and silver used by woman as ornament. The view of the majority of scholars is that it isn`t an obligation to pay Zakah on it because there is no sound evidence indicating that. Rather, analogy indicates that Zakah is an obligation on invested wealth or the wealth set to be invested and jewelry isn`t included in that. In the chapter entitled "Jewelry, musk and amber on which Zakah isn`t an obligation" of Malik`s Muwatta`, it was reported that Aisha and Abdullah Bin Umar {May Allah be pleased with them} said: "no Zakah is due on jewelry. This is also the view of another group of the companions."
However, if the jewelry is meant for hoarding then it is liable for Zakah when it reaches Nisab and a lunar year passes over possessing it.
An-Nawawi said: "Our fellow scholars said: "If he kept jewelry and didn`t use it impermissibly, but meant it for hoarding then, according to the majority of the scholars, it is liable for Zakah." {Al-Majmou`, vol.5/pp.519}. And Allah The Almighty Knows Best.
