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Queen Elizabeth's granddaughter Zara Phillips wows in $550K jewels at horse race

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Zara Phillips certainly made a statement with her accessories on Friday. The royal wore a lavish black lace head piece along with plenty of bling while attending the Magic Millions Race Day in Australia.

Princess Anne's daughter is in Australia supporting the Magic Millions races

Queen Elizabeth's sporty granddaughter, 33, kept her attire simple in a sleeveless monochrome dress with black strappy heels but added a fine collection of jewels worth more than $550,000. This included a 5.52ct Magnifique white diamond ring, drop earrings and a black-and-white diamond cuff.

Zara, along with her husband Mike Tindall and 11-month-old daughter Mia, is currently visiting Australia for a month as the ambassador for the Magic Millions races. Magic Millions is Australia’s leading source of champions and high class performers on the racetrack.

On Saturday, Zara will present the winner of the Racing Women prize with a trophy

Zara has long harbored a love of horses and is a gifted rider who was even selected to represent Britain in the 2008 Beijing Olympics. She had to withdraw from the team after her mount Toytown sustained an injury during training.

Aside from her official appearances, Zara is likely looking forward to one big event on the horizon — her daughter Mia's first birthday on Jan. 17.