Is a woman's jewellery subject to zakat?

Now that Ramadan is approaching I was wondering whether I should pay zakat on my wife's jewellery. IslamCity zakat calculator has the following line

Please note that Women jewelry is not subject to zakat unless its amount is excessive or the jewelry is not being used.

Is a woman's jewellery subject to zakat?

Please cite your answer from Hadith, Quran or some scholarly work.

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