Is zakat obligatory on gold designated for adornment and for sale when needed? What is the preponderant opinion on this, and what needs to be done concerning past years in which zakat was not paid?

The preponderant view to us is that permissible jewelry intended for personal use is not subject to Zakat (definition). If it is acquired for use and its owner intends to sell it when needed, this does not affect the ruling and does not remove it from being an asset held for personal use (‘urūd al-qinaya). This is because an owner might sell houses intended for dwelling, cars, or similar items when needed, and this does not remove them from being assets held for personal use. However, if the sole intention is to sell it when needed, then this item is prepared for sale, and Zakat becomes obligatory on it. Ibn Qudamah said: "As for that which is prepared for rent or expenditure if needed, Zakat is due on it, because Zakat is only waived from what is prepared for use, due to its diversion from the path of growth. In other cases, it remains subject to the original principle."