Miley Cyrus and Liam Hemsworth announce engagement

It looks like the young and talented Miley Cyrus will now have to start wedding planning. It was recently announced that Cyrus is engaged to actor boyfriend Liam Hemsworth, according to People Magazine.

Hemsworth, 22, and 19-year-old Cyrus met three years ago while filming "The Last Song." They called it quits briefly in 2010, but got back together soon after. The couple was rumored to be engaged earlier this spring, but Hemsworth officially got down on one knee on May 31st, giving Cyrus a 3.5-carat Neil Lane diamond.

"I'm so happy to be engaged and look forward to a life of happiness with Liam," Cyrus told the publication.

It is going to be quite busy for the two to mix in wedding planning, as Cyrus is working on another album, while Hemsworth is shooting a movie now and will shoot another before working on the second installment of "The Hunger Games."

Even though many are unable to afford the sparkler on Cyrus's finger, people can still get similar rings for much less with fashion jewelry such as the Platinum Over Sterling Silver Princess-Cut and Channel-Set Round DiamonUltra Cubic Zirconia Ring.