Is it obligatory for women to pay zakat on their jewelry?

According to the Hanafi school, jewelry made of gold and silver is subject to zakat if it meets the other required conditions for zakat. Accordingly, gold jewelry that is 24 carats and weighs 80.18 grams or more, and has been owned for one year, is subject to zakat at the rate of one-fortieth. Jewelry made from metals and stones other than gold and silver is not subject to zakat. (Ibn Nujaym, al-Bahr, 2/243)

According to the Shafi'i school, gold and silver jewelry that a woman customarily uses as adornment in a manner that is not extravagant is considered a basic necessity and is therefore not subject to zakat. However, if such jewelry is kept for savings rather than adornment, zakat must be paid on it. (Nawawi, al-Majmu’, 6/35-36, 46; Shirbini, Mughni al-Muhtaj, 2/99; Ibn Qudamah, al-Mughni, 3/41-42)

Source: T.C. Diyanet İşleri Başkanlığı, Din İşleri Yüksek Kurulu