Another royal wedding is on the horizon! Princess Beatrice announced her engagement to Italian property tycoon Edoardo Mapelli Mozzi on Thursday.

Beatrice — the daughter of Prince Andrew and his ex-wife, Sarah Ferguson, the Duke and Duchess of York — tweeted an official announcement and a sweet photo of the pair on Twitter. Beatrice, 31, is a granddaughter of Queen Elizabeth II and is currently ninth in line to the throne.

"We are extremely happy to be able to share the news of our recent engagement," the pair said in a statement on Buckingham Palace letterhead. "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 that this will stand us in great stead for the years ahead, full of love and happiness."

I’m so excited to announce my engagement to Edo pic.twitter.com/MvvwRRk0HT — Princess Beatrice of York (@yorkiebea) September 26, 2019

The couple became engaged while away on a weekend trip to Italy earlier in September and are planning the wedding for 2020, according to the statement.

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"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," wrote the Duke and Duchess of York in the same statement. "We send them every good wish for a wonderful family future."

Mozzi also posted a tribute to his future wife on Instagram, with black and white photos. "You will never be alone my love, my heart is your home. Hand in hand, today, tomorrow and forever," he wrote.

The engagement ring appears to be a round diamond brilliant about 3.5 carats, Kathryn Money, VP of strategy and merchandising for Brilliant Earth, told "Entertainment Tonight," which reported the estimated cost of the ring between $75,000 and $100,000. BBC News reports Mozzi designed the ring himself, with the help of British jeweler Shaun Leane.

I know what a mother feels so I have tears of joy. I am so proud of this sensational news. Andrew and I are just the luckiest people ever to have two great sons in law pic.twitter.com/WIhe9eamrF — Sarah Ferguson (@SarahTheDuchess) September 26, 2019

Sarah Ferguson also tweeted a sweet message to the pair. "I know what a mother feels so I have tears of joy," she wrote. "I am so proud of this sensational news. Andrew and I are just the luckiest people ever to have two great sons in law."

Beatrice's sister, Princess Eugenie, married tequila brand ambassador Jack Brooksbank in October of last year at St. George's Chapel in Windsor, England. Eugenie congratulated her sister on Instagram, as well, writing: "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." She also said she snapped the engagement photos of the pair widely circulated by the royal family.

Beatrice's fiancé, known as Edo, is descended from Italian aristocracy, according to the AFP news agency. BBC News reports he attended the University of Edinburgh and has a successful business as a real estate developer in London. He also reportedly has a young son named Wolfie, with ex-fiancée Dara Huang, so Beatrice will become a stepmother when they marry.