Praise be to Allah, and peace and blessings be upon our master, the Messenger of Allah.

It is permissible to lease gold or silver jewelry for a known amount and a specified duration. This transaction is not considered usury (Riba), because the contract is based on the usufruct (the benefit of using the item) rather than the physical substance of the metal itself.

Imam al-’Imrani al-Shafi’i (may Allah have mercy on him) stated:

"It is permissible to lease gold jewelry for gold or silver, and silver jewelry for silver or gold. Al-Saymari mentioned that some of our fellow scholars were hesitant about leasing gold jewelry for gold and silver jewelry for silver, but this [hesitation] is not correct; because the subject of the contract is the benefit of the gold, not the gold itself as a physical entity, so it does not involve usury." [Al-Bayan fi Madhhab al-Imam al-Shafi’I, Vol.7/P.327].

Furthermore, Imam al-Damiri quoted Imam al-Shafi’i as saying:

"Imam al-Shafi’i said: It is permissible to lease jewelry, gemstones, and all other items that women wear. If the jewelry is gold and one leases it for gold or silver, it is permissible without the requirement of immediate exchange at the time of the contract (Qabd fi al-Majlis); this is because there is no usury between gold and the services/benefits derived from gold." [Al-Najm al-Wahhaj, Vol.5/P.330].

In conclusion, leasing gold and silver jewelry is permissible and does not constitute usury. This is because the agreement is centered on the benefit provided by the jewelry (the usage) and not on the sale or exchange of the metal itself. And Allah the Almighty knows best.