10/01/2015 10:36 GMT | Updated 20/05/2015 10:12 BST

Zara Phillips Wears £380k Jewels At Australian Races (And A Very Odd Hat)

Zara Phillips was rocking $700,000 (£380,000) worth of glittering jewellery as she attended the Magic Millions Carnival and Raceday at Surfer's Paradise in Australia on Friday.

The only problem? Her strange hat was stealing all the gems' limelight.

Matt Roberts via Getty Images

And here we were thinking weird headgear was purely the domain of Princess Beatrice and Princess Eugenie.

Zara is currently Down Under working as the ambassador of the races.

According to the Daily Mail, her jewellery collection included a 5.52ct Magnifique white diamond ring costing $550,000 (£293,000), Cascade drop earrings that are worth $115,000 (£62,000) and a black and white diamond cuff with a price tag $23,900 (£13,000).

Outfit-wise, Zara opted for a monochrome shift dress to let her black floral, erm, hat, do all the talking.

Matt Roberts via Getty Images

Zara isn't on her own Down Under, and has been joined by her husband Mike Tindall, and their daughter Mia.

MORE! Zara Phillips enjoys day at races with Tom Cruise

The royal will present the winner of the Racing Women prize with a cheque and trophy at the Magic Millions Raceday on Saturday.

Zara's outfit choice for Saturday's races was super-pretty summer chic. She looked stunning in a floral-print cobalt-blue midi-length frock, which she accessorised with funky burgundy cutout stilettos, and a stylish (phew!) blue fascinator.

Matt Roberts via Getty Images

Chatting to the Daily Mail Australia about her daughter Mia turning one on 17 January, she said she couldn't believe how fast the time has gone.

Zara Phillips Names Baby Mia Grace

In her role as ambassador for one of Australia's most popular thoroughbred horse sales and race meets, Zara will have to return Down Under every year until 2018. How dreadful.

LOVE ZARA? Flick through her wedding day album below: