“We are extremely happy to be able to share the news of our recent engagement," reads the couple's statement.
"We are both so excited to be embarking on this life adventure together and can’t wait to actually be married. We share so many similar interests and values and we know that this will stand us in great stead for the years ahead, full of love and happiness.”
The bride to be's parents, Queen Elizabeth's son Prince Andrew and his ex-wife Sarah Ferguson, the Duchess of York, shared their delight as well.
"We are thrilled that Beatrice and Edoardo have got engaged, having watched their relationship develop with pride. We are the lucky parents of a wonderful daughter who has found her love and companion in a completely devoted friend and loyal young man. We send them every good wish for a wonderful family future."
The sweet color engagement photos of the couple were taken by Beatrice's sister, Princess Eugenie, and one shows a closeup of the bride-to-be's new ring.
It appears to be a central round or cushion cut diamond flanked by diamond baguettes.
"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," Leane shared on Instagram today.
"The bespoke experience was a beautiful journey; from imagining the design with Edoardo to the crafting of the finished 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."
We'll share more details about the couple's wedding plans and the ring when we have them.