Miley Cyrus, Liam Hemsworth Are Engaged

6 06 2012

Wedding Party in the U.S.A.!

Miley Cyrus and Hunger Games star Liam Hemsworth are engaged to be married after three years of dating, their reps confirm to PEOPLE exclusively.

“I’m so happy to be engaged and look forward to a life of happiness with Liam,” Cyrus, 19, tells PEOPLE.

Australian actor Hemsworth, 22, who met Cyrus when they costarred in The Last Song in 2009, proposed on May 31 with a 3.5-carat diamond ring from jeweler Neil Lane.

Next up for the couple: Cyrus is in the studio working on a new album, while Hemsworth is currently filming Empire State in New Orleans. He’ll also shoot Paranoia with Harrison Ford and Gary Oldman before beginning production on the second Hunger Games installment.

For more on Cyrus and Hemsworth’s engagement, including what their families think – and to see a photo of Cyrus’s ring – pick up this week’s issue of PEOPLE, on newsstands Friday

ALSO, all the details on Miley Cyrus’s 3.5-Carat engagement ring:

When Liam Hemsworth approached celebrity jeweler Neil Lane to create an engagement ring for Miley Cyrus, he wanted “something unusual,” Lane tells PEOPLE exclusively. “Something really beautiful and romantic.”

What The Hunger Games star got was a 3.5-carat cushion-cut diamond ring, handcrafted in 18-karat gold with intricately carved diamond floral motifs in an art nouveau pattern. And the center stone is extra special: it’s an antique dating back to the late 19th century.

“It was hand-cut around 1880 or 1890 and it’s unique and in its original form,” Lane says. “At that time no two diamonds were alike, as they were all hand-cut, so it’s fascinating to look at because it hasn’t been re-cut to look contemporary over the years. I find that really romantic.”

Lane sculpted the gold setting to fit the shape of the diamond, and set smaller diamonds in the gold to highlight the main stone. “It’s a contemporary design based on vintage aesthetics,” he says. “The light flashes and sparkles no matter where Miley moves her hand.”

Hemsworth was happy with the final result; Lane says the two “worked back and forth and it’s everything he was looking for.” Finished just last week, it was all ready for Hemsworth’s May 31 proposal (the news of which was shared exclusively by Cyrus with PEOPLE).

For her part, Cyrus seems to be pleased, too; the starlet Tweeted Wednesday, “Thank you for all the love today. I’m happy to share this news with you all. I feel like all my dreams are coming true.”

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