Wa `alaykum as-Salamu wa Rahmatullahi wa Barakatuh.

Any jewelry kept for storage or investment purposes is Zakatable. The reason is that it falls under the category of an investment. However, if the jewelry is kept for personal use, then it is not zaktable according to the majority of scholars including, Maliki, Shafi`i and Hanbali schools of law.

They further set up other conditions for jewelry to be exempted from Zakah. They must be lawful to use, i.e. golden watches used by men are zaktable because men are not allowed to use gold. Jewelry not subject to Zakah include gold and silver used as ornaments. If they are stored for their value or used for investment, they become subject to Zakah.

Allah Almighty knows best.