"His Royal Highness and Ms. Markle became engaged in London earlier this month", the statement continued.
Set on a yellow gold band, the center stone of the ring is from Botswana, where Prince Harry traveled to while growing up, and again this past summer with Markle to celebrate her 36th birthday.
The couple will make an official engagement appearance on Monday afternoon before taking part in a broadcast interview which will air in the evening.
According toThe Telegraph, the couple will most likely be known as the Duke and Duchess of Sussex once they are married, when Queen Elizabeth is expected to award dukedom to Harry.
"The wedding will take place in spring 2018", Clarence House, the office of Harry's father Prince Charles, said in a statement.
"So no it's - you know it is days like - days like today when - when I really miss having her around and miss being able to share the happy news".
"Our daughter has always been a kind and loving person", they said.
"We wish them a lifetime of happiness and are very excited for their future together", the statement ended.
After the couple had met for their first date they organised to see each other the following day, and Harry said he knew Markle was "the one" immediately.
Harry and his fiancée made their public appearance in September at the Invictus Games in Toronto.
Just four weeks after a blind date in July 2016 that left him "beautifully surprised", Prince Harry took his wife-to-be on a trip to Botswana to camp under the stars in his tent.
Markle showed off her three-stone engagement ring set in yellow gold, which features a diamond from Botswana and two other gems from the collection of his mother, Diana, who died in a vehicle crash in 1997.
"Now it's time to work as a team with you", she said as she turned to Prince Harry.
Markle, who has been previously married, spoke candidly about the media attention that comes with dating a member of the British royal family, saying it has its "challenges" before adding that she has her "boyfriend's support".