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Once the ring has been purchased and the bride's parents and groom's parents have met - it is time to make the engagement official and have an engagement party.
This party should happen soon after the engagement so everyone can find out at the party that the bride and groom are engaged. Most likely though the word will leak out before the party and the "official announcement" won't be a secret and the party will just be a celebration of the engagement and the couple and not a surprise.