PERMISSIBLE

For Men

1) Men are allowed to wear a modest silver ring, as this was practiced by the Prophet (ﷺ) and his companions.

Reference
Grade Sahih[(Al-Bukhari 5866)]

PROHIBITED

For Men

1) Narrated by Abu Musa (رضي الله عنه) that the Prophet Muhammad (ﷺ) said: "Gold and silk have been permitted for the females of my Ummah, and forbidden to the males."

Reference
Grade Sahih [(Muslim, Volume 5, Hadith 5472) (Sunan an-Nasai 4148) (Sunan Ibn Majah, Volume 4, Book 32, Hadith 3597)].

2) Prohibition of Jewelry in general for Men:
Narrated by Ibn Abbas (رضي الله عنه) that, Prophet Muhammad (ﷺ) cursed the men who imitate women and the women who imitate men.

Reference
Grade Sahih[(Al-Bukhari 5885)]

3) Hazrat Ali (رضي الله عنه) said "The Prophet (ﷺ) Forbade us to wear Rings on these two fingers and He pointed to the middle finger and the one next to it..

Reference
Grade Sahih [(Muslim , 2078)]

4) A man came to Prophet Muhammad (ﷺ) wearing a brass ring, and the Prophet (ﷺ) said, "What is this? I sense from you the smell of idols"
The man threw it away and came back wearing iron ring. The Prophet (ﷺ) said, "What is this? I see on you the ornament of the people of Hell."
The man threw it away and asked: "O messenger of Allah ﷺ, what should i make my ring from?"
The Prophet (ﷺ) replied, "Make it of silver, but do not exceed mithqal (4.5 grams)."

Reference
Grade Daif: [(Abu Dawood, 4223) (Sunan An Nasai, 5210) (Tirmidhi, 1785)].

5) Narrated by Abdullah Ibn Amr Ibn-As (رضي الله عنه), a man came to the Prophet (ﷺ) wearing a gold ring, and Prophet (ﷺ) turned away from him. When the man noticed the dislike of Prophet (ﷺ), he removed the gold ring and instead wore an iron ring.
The Prophet (ﷺ) then said, "This is worse! This is the ornament of the people of Hell."
The man threw it away and then wore a silver ring, upon which the Prophet (ﷺ) remained silent.

Reference
Grade Sahih[(Musnad Ahmad, 2/163-179)]

6) The Prophet (ﷺ) Said:"I had a silver ring made with 'Muhammad The Messenger Of Allah' engraved on it, so none of you should have the same engravings on his ring".


Reference
Grade Sahih[(Al-Bukhari 5877)]

PROHIBITED

For Women

1) "And tell the believing women to lower their gaze and guard their chastity, and not to reveal their adornments(decorative accessory) except what normally appears..."

Reference:
[(Quran, Surah Noor 24 Ayah 31)]

Zakat

It is compulsory(فرض) charity for Muslims to pay on any sellable assets not in use for over 1 year. It is applied at a standard rate of 2.5% on the current value of the product (at the time it is being calculated). Assets include land, property, pure gold (85 grams or above), pure silver (595 grams or above), minerals (gemstones, liquid, gaseous), cash (saved or in Banks), agricultural produce, livestock, treasure found (20%), business stock, trade articles etc.

For those who are inquisitive:

1 Tola 999 Silver = 11.66 grams of Pure Silver
1 Tola 925 Silver = 10.79 grams of Pure Silver

On average; 1 Tola of 925 silver = 10.79 grams of 999 Pure Silver AND 0.87 grams is a mix of metals (copper/brass) in order to strengthen pure silver for making jewellery that is durable.

For example:

Calculating Zakat for 5 Tolas of Silver 925:

The value of 1 gram Silver 925 = PKR.561.7/-
We will use PKR.562/-

1 Tola = 11.66 grams

Therefore,

11.66 grams × 5 Tolas = 58.3 grams

562 PKR per gram × 58.3 grams = PKR.32,764.6/-

Total Value of Silver = PKR 32,765/-
Our Zakat on 5 tolas of silver (as per 2.5%) is = PKR 819.13/-