In mid-November, Britain's Prince William proposed to Kate Middleton with the sapphire-and-diamond engagement ring that had belonged to his mother, the late Princess Diana.

As the usual excitement over an impending royal wedding spreads, copies of the 18-carat ring – which features an oval-cut sapphire surrounded by smaller white diamonds – have become a hot item around the world.

In Brazil, according to AFP, Rio De Janeiro residents were buying up copies of the ring for about $3 apiece, although shoppers seeking better-quality replicas could find them – at a higher price – online.

New Zealand jewelers also report growing interest in copies of Kate's ring, with versions selling for between NZ$5,000-$80,000.

Meanwhile, the New York Natural Sapphire Company began receiving orders for replicas of the sapphire and diamond ring mere minutes after the engagement was announced. Company CEO Michael Arnstein was quoted in the Jakarta Globe as saying "We're in a frenzy. This is changing our business overnight."