An emerald horse with pink argyle diamond eyes and black diamonds on its mane and hooves will be presented to the winners of the 10 major races of The Championships at Randwick.

Sydney jeweller Nicola Cerrone crafted the trophies which represent Sydney as the Emerald City as depicted in David Williamson's 1987 play of the same name which in turn makes reference to the Land of Oz from the fairytale the Wizard of Oz.

The Championships will be held over the next two Saturdays with $18 million prize money on offer.

Racing NSW chairman John Messara described the trophies as magnificent works of art which reflected the stature of the upcoming event.

"It's fitting that the emerald is a focal part of The Championships trophy, with The Championships providing a fairytale story for the winners of the 10 Championships races," Messara said.

Cerrone said he was inspired by the city of Sydney in his design.

"I wanted to create something truly unique to represent Sydney," he said.

"After researching trophies from throughout the world the design chosen is innovative, creative and different to really show the world what Australia is all about."

Each major trophy is pave set with over 2000 emeralds weighing over 40ct and 140 Black Diamonds weighing 4.52ct featuring two natural Pink Argyle diamonds set in the eyes.

Winning trainers and jockeys will also receive miniature replicas of the trophies.

Cerrone has also designed a commemorative pin which racegoers can buy for $2.