Despite our business name, we don't deal in rings or diamonds.
I can give a little info here as I've set a few stones over the years but Let me suggest you check out the stone setting "tips" at http://www.ganoksin.com/
Typically with the oval princess cut you use "V" prongs at the pointed ends. But in your post you describe a square shaped diamond. Squares can be set with 4 "V" prongs also. Typically you use a burr to cut a "seat" in the prong. The girdle of the stone fits down into the cut out seat and the prongs are set down over the stone, burnished down and polished off. The right hart burrs, prong setting pliers, cup burrs and other stone setting equipment will help make a clean job.
Just remember you can break a diamond with the wrong force during setting.
Good luck!