On one of Sao Paulo’s busiest shopping streets, imitation versions of Kate Middleton’s sapphire and diamond engagement ring are on sale for less than $7 each. In the run-up to the royal wedding, the knock-offs were selling by the dozen, according to a cool post today on the Financial Times’ Beyond Brics blog. In addition to engaging in a bit of royal link-baiting, the folks over at the FT also explained how these items, which are manufactured in China, are yet another example of Brazil’s increasing trade deficit with China.

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