ROYAL ENGAGEMENT: Princess Beatrice announces her engagement to Edoardo Mapelli Mozzi

It's official! Princess Beatrice is officially off the market.

Today, the 31-year-old royal announced she is set to wed property tycoon Edoardo Mapelli Mozzi as she showed off her sparkling new engagement ring.

The couple has enjoyed an 11-month romance after getting together at her sister Princess Eugenie's wedding in October last year, having known each other for quite some time.

The bride-to-be gushed she "can't wait" to get married after her 36-year-old multi-millionaire boyfriend popped the question in Italy earlier this month.

In a statement released by Buckingham Palace, the princess and her fiancé said: "We are extremely happy to be able to share the news of our recent engagement.

"We are both so excited to be embarking on this life adventure together and can't wait to be married.

"We share so many similar interests and values and we know this will stand us in great stead for the years ahead, full of love and happiness."

Edoardo got down on one knee with a stunning bespoke platinum and diamond engagement ring - featuring a round brilliant cut centre diamond shouldered by four smaller round brilliants and flanked by four baguette-cut diamonds either side - by British jeweller Shaun Leane, which experts estimate is worth in excess of £250,000.

Photo / Princess Eugenie

According to jewellery maker Shaun, Edoardo wanted the 3.5-carat ring to be "filled with personal and sentimental signifiers."

He said of the design: "I am so honoured Edoardo chose to work with me to design the engagement ring for Princess Beatrice and to have been involved in this special moment in their lives.

"The bespoke experience was a beautiful journey from imagining the design with Edoardo to the crafting of the rings.

"Being able to incorporate both Edoardo and Princess Beatrice's characters into the design has resulted in a unique ring that represents their love and lives entwining."

Beatrice's parents Prince Andrew and Sarah Ferguson today congratulated the couple, with the Duchess admitting she shed "tears of joy" over her daughter's news.

Eugenie also took to social media to congratulate the couple and to share their official engagement photos, which were taken by the 29-year-old royal.

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Eugenie captioned the photos: "Beabea - wow! I'm so happy for you my dearest big sissy and dear Edo. It's been a long time coming and you two are meant to be. 📷 by me!!"

The lovebirds made their first public appearance at the National Portrait Gallery's 2019 Gala in March, which was followed up their attendance at Lady Gabriella Windsor's wedding to Thomas Kingston at St. George's Chapel in Windsor.

Edoardo is a divorcé and has a three-year-old son from his previous relationship, Christopher 'Woolfie' Woolf.

He earned his millions as a property developer after founding real estate firm Banda in 2007. The company, which Edoardo still serves as its CEO, specialises in finding and developing homes for wealthy clients.

He also co-founded the Cricket Builds Hope (CBH) charity, which was inspired by his late stepfather's vision.

According to its website, the organisation teaches Rwandans how to play cricket and "harnesses the power of sport to promote reconciliation and tackle deep-seated social issues like gender inequality through specially tailored sessions run by CBH’s cricket coaching team."

The Palace announced earlier the couple's wedding will be in 2020. 

We can't wait for her royal wedding!