I work in the gold industry buying and selling jewelry which we (Part No. 13; Page No. 468) purchase wholesale from importers and pay them in installments.
Is this method which all the workers in this field including myself follow Halal (Lawful) or Haram (prohibited)? I would like you to explain the reason for its permissibility or prohibition please.
If the case is as you mentioned regarding this type of transaction, it is Haram to deal in this manner when the price for which you buy the gold is in the form of gold or silver or money of equivalent value as it is a form of Riba Al-Nasi'ah (usury of delay, conditional excess for delay of payment). Such transaction could involve both Riba Al-Fadl (usury of excess, selling an item for another of the same type, on the spot, but in excess) and Riba Al-Nasi'ah if the gold is exchanged for gold for example, and the weight is different plus the payment is made in installments.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.