Q: I have my wedding ring which is made out of gold with a diamond stone. Do I have to pay Zakat on the full value of the ring?
A: The majority of the scholars of the 4 schools of jurisprudence are in agreement that there is no Zakat due on any sort of precious stones such as diamond. The only time you would pay Zakat on diamonds is if they have been acquired for trading purposes.
In your case, you will pay Zakat only on the gold value of the ring according to the Hanafi school of jurisprudence.
And Allah knows best!
Mufti Billal Omarjee