Kensington Palace says Princes William and Harry have chosen sculptor Ian Rank-Broadley to create a statute of their mother, Princess Diana, to mark the 20th anniversary of her death.

Rank-Broadley, whose image of Queen Elizabeth II has appeared on British coins since 1998, will complete the work by 2019. The statue will be placed on the grounds of Kensington Palace, where Diana once lived.

The princes said in a statement Sunday that the statue is meant to create "a fitting and lasting tribute to our mother" and to remember her life and legacy.

The princes added they had been touched by the kind words and memories shared with them about Diana this year, as the world recalled her death in a Paris car accident in 1997.

The statue is a poignant marker for the eventful year both William, 35, and Harry, 33, have had without their mother, despite them spending much of 2017 commemorating the 20th anniversary of her death.

While William and wife Kate Middleton announced that they will be expecting a third child in April 2018, his younger brother Harry became engaged to Suits actress Meghan Markle, 36, following a 16-month romance.

Harry, who is pursuing his mother's HIV charity work as part of her legacy, made her a part of his engagement by adding two diamonds from her personal jewellery collection to accompany the main diamond from Botswana.

He said during the couple's engagement interview: "The ring is - is obviously yellow gold because that's what - her favourite and the main stone itself I sourced from Botswana and the - the little diamonds either side are from my mother's jewellery collection to make sure that she's with us on this - on this crazy journey together."

Markle added: "It's beautiful, and he designed it, it's incredible."

Princess Diana
1 February 1983: A portrait of Diana, Princess of Wales at her home in Kensington Palace, London Tim Graham/Getty Images