The Everest trophy unveiled with diamonds

Bling from hundreds of black and white diamonds adorn a horse with red ruby eyes as it rears-up on a silver mountain - this is the $320,000 Everest trophy for the winner of Australia's richest horserace.

The world's most expensive trophy was unveiled in Sydney on Friday and will be given to the slot holder whose chosen horse wins the $10 million race when it debuts at Randwick on October 14.

The winning jockey and trainer will each get smaller versions of the trophy worth about $45,000 each.

Individuals and corporate groups such as Tabcorp, Star Entertainment Group and Chris Waller and others have forked out $1.8 million over three years to own a slot in the race.

The slot holders then get to choose which horse they want to compete in the 1200m sprint.

But Waller's superstar mare Winx won't be among them as she eyes her third straight Cox Plate to match the record held by Kingston Town.

"There's always a new mountain to climb," Winx's jockey Hugh Bowman told reporters on Friday.

Chautauqua, Redzel, English, One Fell Swoop, Houtzen, Brave Smash and Deploy are among the 12 horses already confirmed to race in The Everest.