Question
How is Zakaat calculated on a 22 carat gold jewellery set and a silver ring that is 80g?
Answer
To calculate the zakat of the gold, you will need to establish the weight of 22 carats in grams at a jeweller. The same applies to the silver ring. Thereafter, determine the current price of gold and silver per gram. The price of each gram of gold and silver will then be multiplied by the total number of grams respectively. These two totals must be combined.
If the total amount is equal to or more than the value of Nisaab, then 2.5% of that amount will be payable as Zakaat. If the amount is less, then no Zakaat will be payable, unless of course, the person possesses other Zakaatable goods (such as cash, goods for trade, etc) in which case the value of the jewellery will be added to the value of the other goods.
If the total Zakaatable assets then equate to the current Nisaab of Zakaat, then Zakaat of 2.5% will be payable on the total Zakaatable assets.
Checked and Approved By:
Mufti Muhammed Saeed Motara Saheb D.B.