You can convert the dict into a string and after just eval(str) it back to a dict:
pydict = {'key1': 'val1', 'key2': 'val2'}
variant = QtCore.QVariant( pydict )
...
pydict = eval( str( variant.toString() ) )
print pydict
>>> {'key1': 'val1', 'key2': 'val2'}
Just keep in mind the eval could fail if it's not able to convert one of the keys or values from string to dict. this can happen if you have a none built_in types (str, int, list.. ) but in your case it will work no problems.