As for Mālik, his position is that traders fall into two categories: those who hold their stock awaiting a market and those who trade continuously.

The first is someone who buys goods and waits for a market for them; the goods may remain with him for years. According to Mālik, no zakat is due from him until he sells the goods, at which point he pays zakat for one year. His reasoning is that zakat was prescribed on wealth that grows. If the trader pays zakat on the goods every year—even though they may be unsaleable—their value will fall below their purchase price, causing him loss. If zakat is paid when they are sold, then any profit they have yielded was latent in them, and he pays zakat on it. He pays no zakat until he sells for an amount reaching the zakat threshold. Thereafter, he pays zakat on whatever he sells, whether much or little.

The second is someone who sells goods throughout the lunar year, so that no stock remains permanently in his possession. He pays zakat annually on everything: he designates a particular month in which he calculates the value of the goods and cash he holds, together with debts owed to him by solvent, trustworthy debtors, and pays zakat on the total. This applies provided that cash comes into his hands during the year, even a single dirham. If he never sells for cash at all, then, according to Mālik, no zakat is due from him.

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As for “jewelry,” if it is for women, no zakat is due on it according to Mālik, al-Layth, al-Shāfiʿī, Ahmad and Abū ʿUbayd. This is also reported from ʿĀ’ishah and Asmā’