Video of the moment Geoffey Edelsten proposes to on and off again girlfriend Gabi Grecko, outside the Myer marquee at the Melbourne Cup

GEOFFREY Edelsten has proposed to Gabi Grecko outside the Emirates Marquee at Flemington today during the Melbourne Cup.

Choosing the less than private location right in front of photographers and television cameras, the 71-year-old got down on one knee and asked the 25-year-old to marry him.

“I just proposed to Gabi,” he told Confidential seconds after it happened.

A stunned Grecko added: “I’m shocked. Happy. We’ve talked about it for a long time and now it’s official.”

While the pair have discussed their marriage plans for months, today Grecko received a stunning pear-shaped diamond which she showed off above her red leather gloves.

Shortly after the big proposal, the newly engaged DJ and model nearly lost the diamond ring. Disaster almost struck in the Emirates marquee when the sparkler, which needs to be resized, slipped off Grecko’s finger. The pair ended up on their hands and knees looking for the bling and came up trumps.

“I was on the floor looking for it and I found it so now it’s on my thumb,” she told AAP.

“I was freaked out ... it’s like when you get a new iPhone and you lose it — it was worse than that.”

Grecko said she knew Edelsten was planning to propose but wasn’t expecting him to do it at the Melbourne Cup.

“It was in front of a lot of people,” she said.

“I was speechless for maybe 15 minutes after ... because it was such a surprise.”

Dressed in what some have described as an outfit that resembled a Game of Thrones character,

Grecko chose to wear a hand-beaded sequined clown corset she designed herself, an orange wig and a feathered headpiece she said was inspired by Alexander McQueen.

“I wanted something fun and playful,” she said, adding that she had made her colourful bag herself.

Gabi Grecko and Jeffrey Edelsten are to wed! How wunderbar: pic.twitter.com/1nVxddga52 — Caroline Zielinski (@CE_Zielinski) November 4, 2014

Onlookers commented that it was almost as though Grecko had forgotten to take her Halloween costume off. Edelsten was equally as audacious in a canary yellow suit and matching yellow shirt and tie.

Witnesses say Gabi accepted his proposal by sticking her thumb up in the air.