Every figure below is drawn from the company's 16 audited statutory filings, FY2009–FY2024 (Companies House). Forevermark Ltd is De Beers' brand company: it is funded by its parent to run Forevermark marketing worldwide ("group recoveries"), and earns third-party fees from retailer door licences and diamond grading & inscription. All figures in US dollars.
Incorporated February 2008, dormant until the Forevermark business was transferred in from De Beers UK on 1 November 2010. Eight profitable years to 2017, near break-even 2018–2020 after a transfer-pricing reset, a record profit in 2021 — then a change in the parent recharge methodology and the pivot away from the historic brand-licensing model produced deepening losses, ending FY2024 $46.9m in the red and in net liabilities, with a going-concern material uncertainty.
Revenue is dominated by group recoveries — De Beers funding the marketing Forevermark performs on its behalf — which averaged 87% of turnover. Third-party fee income (doors, grading & inscription) peaked at ~$25m in 2014 and had all but vanished by 2024 ($0.15m).
US$ millions · stacked · year ended 31 December
US$ millions · retail door licence fees vs grading & inscription fees
Until 2016 the cost base (reported as administrative expenses, thereafter as cost of sales) tracked just below revenue — the company was designed to run at a small arm's-length margin. A 2017 transfer-pricing change cut that margin to near zero, and from 2022 a new recharge methodology left costs uncovered by group funding: the gross loss reached $44.5m in 2024.
US$ millions · operating costs = administrative expenses (2010–16) / cost of sales (2017–24)
US$ millions
US$ millions
US$ millions · running total of annual results, FY2010–FY2024
The audited accounts never disclose a door count — but door-fee income and the directors' commentary trace the network's arc: growth to a ~$10–12m fee base across 2012–2019 (doors still "increasing" in 2019), then COVID concessions, billing shifted to Hong Kong & India, a Japanese wholesale JV, and by 2023 fees from "Rest of the World stores" only.
US$ millions · fees billed by the UK company; from 2020 billing progressively moved to group entities in Hong Kong & India
Cumulative capex since inception is a modest $30.9m — this was a marketing organisation, not an asset-heavy one. The buildout peaked in 2011–2015 (offices, jewellery, grading equipment, then intangibles), fell to near zero in 2018–2021, and spiked again in 2022 ($4.9m of software & systems) and 2024 ($3.1m, largely plant and assets under construction).
US$ millions · additions to PP&E and intangibles (excl. $2.8m of assets transferred in from De Beers UK in 2010)
Headcount, including directors · staff costs shown in the table below
Equity was built steadily from retained profits, then a $13.5m share issue in 2019 lifted net assets to a 2021 peak of $42.4m. Three loss years erased all of it: FY2024 closed at net liabilities of $34.1m, funded by a growing loan from Anglo American Capital, with the auditors flagging a going-concern material uncertainty tied to Anglo's planned divestment of De Beers.
US$ millions
Every charted figure, as filed (US$'000). FY2009 was dormant (£1 balance sheet). Operating result for 2017–19 as re-presented in the following year's accounts.
Sources. Forevermark Limited annual report & audited financial statements, years ended 31 December 2009–2024, filed at Companies House (company 06501918). Files: fm2009.pdf – fm2024.pdf. Audited by Deloitte LLP (2010–2020) and PricewaterhouseCoopers LLP (2021–2024); all opinions unqualified, with the 2024 opinion drawing attention to a going-concern material uncertainty.
Basis notes. (i) Accounts are presented in US$'000 throughout; FY2009 was prepared as dormant company accounts. (ii) The company traded from 1 November 2010, when the Forevermark business and UK employees transferred from De Beers UK Ltd; 2010 additionally includes $2.8m of assets transferred in, excluded from capex above. (iii) From 2017 the cost base moved from "administrative expenses" to "cost of sales" following a transfer-pricing study; the two are treated as one continuous "operating cost" series here. (iv) From 2018 the accounts are prepared under FRS 101 (no cash-flow statement); capex is taken from the fixed-asset notes. (v) "Operating result" 2017–2019 uses the re-presented figures in the subsequent filings (gross profit less disposals). (vi) 2021 profit includes $2.1m other income on the disposal of Forevermark Diamonds India and reinvestment into De Beers India. (vii) 2023 impairment: $7.3m investments in subsidiaries + $0.6m PP&E; 2024: $0.6m, mainly jewellery. (viii) Post-2024 events per the 2024 filing: a further $14.0m invested in De Beers India (June 2025) to support the Forevermark offering in India, and remediation of historic deemed distributions under review.
What the accounts don't show. Door/store counts, marketing spend by market, and brand sales are not disclosed in statutory accounts. Retail-door fee income and directors' commentary are used as the closest audited proxies.