I wanted to confirm if there is no zakat on diamonds. I have been paying it because as yet, I am unconvinced with the explanations/arguments for not giving zakat on them.
Answer
There is Zakat on diamonds as it is on gold and silver. You are very right in not feeling comfortable with the idea of not paying Zakat on them. The Almighty will value your opinion and sacrifice, insha’Allah. The reason why the erroneous opinion got popular was because of the fact that at the time when there was no arrangement for getting the market value of diamonds and paying Zakat on them in cash, it was considered exempt from Zakat. Now there is no such problem, and therefore, Zakat should be paid on diamonds.