Princess Diana: Princes commission statue 20 years after their mother's death
Princess Diana arrives at the Royal Geographical Society in London for a speech on the dangers of landmines throughout the world June 12, 1997. Reuters

A statue of Princess Diana, who died in a Paris car crash 20 years ago, has been commissioned by the Duke of Cambridge and Prince Harry in her honour. The sculpture will be erected in the public grounds of her former residence, Kensington Palace.

Princes William and Harry said in a joint statement: "It has been 20 years since our mother's death and the time is right to recognise her positive impact in the UK and around the world with a permanent statue.

"Our mother touched so many lives. We hope the statue will help all those who visit Kensington Palace to reflect on her life and her legacy," they said.

Princess Diana: Princes commission statue 20 years after their mother's death
Britain's Princess Diana holds Prince Harry during a morning picture session at Marivent Palace, where the Prince and Princess of Wales are holidaying as guests of King Juan Carlos and Queen Sofia, in Mallorca, Spain August 9, 1988 Reuters
Princess Diana: Princes commission statue 20 years after their mother's death
Britain's Princess Diana holds Prince Harry as her older son Prince William (L) looks out over the balcony of Buckingham Palace after attending the Trooping the Colour ceremony in London, June 11, 1988. Reuters
Princess Diana: Princes commission statue 20 years after their mother's death
(From L to R) The Prince of Wales, Prince William, Princess Diana and Prince Harry attend the Heads of State ceremony in Hyde Park to commemorate the 50th Anniversary of VE Day in Hyde Park May 7, 1995. Reuters

According to the press release, a sculptor has yet to be chosen, but the palace hopes that the statue will be unveiled before the end of 2017. The princes have formed a six-member committee to advise on the sculptor and raise private funds to pay for the statue. Reports said the Queen has fully supported her grandchildren in commemorating Princess Diana.

Lady Diana, the first wife of Prince Charles, was killed when the limousine carrying her and millionaire companion Dodi Al-Fayed crashed in a Paris tunnel in August 1997. At that time, William was 15 and Harry 12.

Princess Diana: Princes commission statue 20 years after their mother's death
Britain's Diana, the Princess of Wales and Prince Harry attend VJ (Victory over Japan) Day ceremonies in the Mall, in London, August 19, 1995. Reuters
Princess Diana: Princes commission statue 20 years after their mother's death
Members of the British Royal Family sit for an official portrait in the white drawing room at Windsor Castle after Prince William's confirmation at St Georges Chapel March 9, 1997. Pictured are, (Left to Right Front Row) Prince Harry, Diana Princess of Wales, Prince William, the Prince of Wales, Queen Elizabeth, (back row Left to Right) King Constatine of Greece, Lady Susan Hussey, Princess Alexandra, the Duchess of Westminster, and Lord Romsey Reuters