Prayer TimesA person engaged in gold trading pays zakat based on the total amount of gold they possess and the income earned from it. Regardless of the carat or weight, if the total amount of gold held by the trader reaches the value of 80.18 grams of 24-carat gold, zakat must be given at the rate of one-fortieth (2.5%).
Since zakat is an annual act of worship, the time for giving zakat is calculated according to the lunar year. For example, if last year’s zakat was calculated on the 15th of Ramadan, the zakat for the new year is calculated based on the gold available on the 15th of Ramadan. Increases or decreases in the amount of gold during the year are not taken into account.
The zakat for jewelry intended for trade is calculated not only based on the value of the metal but also includes workmanship, precious stones used, and other factors, based on the current market value. For those who are not jewelers, zakat is given based on the melt value.
Source: T.C. Diyanet İşleri Başkanlığı, Din İşleri Yüksek Kurulu
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