The Surfers Paradise man had treated himself to the tandem thrill experience to celebrate his 70th birthday but lost consciousness shortly after leaping out of the two-seater plane, 10,000 feet above the Gold Coast.

He died on North Kirra Beach in front of his family - who had gathered to watch him jump - after attempts to revive him failed.

Police said it was likely the man had passed away as a result of a heart attack, however industry regulator the Parachuting Federation of Australia is investigating the incident and is due to prepare a report.

National Director of Safety Paul Osborne said the man had filled in a medical declaration form which did not detail any pre-existing health complaints and he was cleared as fit to jump.

The man, who was born in New Zealand, had embarked on the tandem skydive with Gold Coast Skydive's chief instructor Robbie McMillan at 10am following 10 minutes of instruction.

"It wasn't a foreseen thing. He just slowly lost consciousness under canopy [after the parachute had opened]" Mr Osborne said.

"By all accounts, he seemed to be very happy with the jump. He was enjoying himself and had a big smile on his face."

Mr Osborne said it was "not unusual for people to pass out" on skydives, especially when they were new at it.

He described the man's death as "a tragedy."

"People do lose conscious under canopy. It's a rare occurrence but it does happen.

"We don't really know what causes it. People become overwhelmed because it is a very, very big rush.

"Skydiving is something that increases the heart rate dramatically. It's the biggest thrill you can experience.

"We have had medical incidents occur in the past with experienced divers and non-experienced divers, but it is very uncommon."

Mr McMillan was said to be "extremely upset" by the incident and counselling had been offered for at Gold Coast Skydive staff.