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Should zakah be paid on diamonds?-2
The second attempt, to justify the opinion that diamonds should be exempted from zakah, has been made by Mufti Mohammad Taqi Usmani. He has presented a hadith, ‘There is no zakah on a stone’. However, he fails to mention the source of the hadith. As a matter of fact, this hadith is not found in any book of ahadith. So it would not be wrong to conclude that the above mentioned hadith has been fabricated.
Many analysts believe that diamonds and other precious stones were not common in the 7th century. So due to their unavailability in those times, diamonds have not been listed as a zakat-able item. However, they have suggested that in the present times diamonds should be brought under zakat-able items so that people cannot evade zakah by converting their gold, silver and other wealth to diamonds.
Moreover, the Islamic Fiqh Academy also opined that the diamonds and jewels constituted way of accumulation of wealth and they also guaranteed easy convertibility into cash. Hence, the academy recommended payment of zakah on diamonds and jewels.
Hence, we find that it is reasonable to pay zakah on diamonds just as it is obligatory to pay zakah on gold and silver due to the high monetary value of diamonds in the present day market.
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