Assalam o Alaykum, I have a question regarding the exchange of diamond jewelry. I bought diamond jewelry 1 week ago and the stire has a policy that I can exchange it for another diamond jewelry of equal value within 2 weeks. My question is, since the diamond jewelry is on gold and I intend to exchange it with something that has more gold and less diamond, is it permissible or is this considered as Riba?
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.
If the seller is obliged by virtue of this (policy) to accept taking back the diamond jewelry during the stated period, then this means that he had given the buyer the option to return the diamond and exchange it, and this is not permissible if this diamond set contains gold which is intended for sale in the contract. This is because if the gold is sold in return for cash, then it is a condition that this should be done hand to hand in one session (i.e. in the same sale contract) and the option to return it and take the money back contradicts this, so the contract is void. In this case, it is an obligation to return the jewelry to the seller and take back the money. Then, if you wish to buy jewelry that includes gold that is intended for sale in the contract, this should be without taking into consideration stipulating the option to return it and take back the money.
However, if the gold that is mixed with diamond is not intended for sale in the contract, like a small amount of plate or that the gold is very little, then stipulating the option is valid and, in this case, it is permissible to change it from the seller with something else, and you may take the price back if you so wish without exchanging it.
In any case, conditioning not giving back the price is void. One of the Fataawa of the Permanent Committee reads: “It is permissible to condition the option (to return the goods and take one's money back) in sale for a known period, and the buyer may return the goods in this period by virtue of the option, and he may take back the price that he had paid to the seller because it is his own money. As regards conditioning not to give back the price [no refund] and that the buyer may only purchase other goods from the seller, then this is a void condition and it is not permissible to act according to it because the Prophet said: “Any condition that is not in the Book of Allaah is void even there were a hundred conditions.” [Al-Bukhari and Muslim]
Allaah Knows best.
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