Photoshop :: Bright Yellow Glow Effect Not Printing

I am working on a company logo that the owner wants to have a glowing yellow ring on a white background. I have a psd file that someone else created that looks great in color, but when you print it out in black and white, the yellow ring and glow disappear. I have been trying to tell the owner that you can not have bright yellow ring on white and have it come out well when printed in black and white, but he won't let it go.

My question. Can it be done? Is there a way to have some other effect, or gray scale in the background so when printed in black and white it shows well, but when in color it is hidden?

I don't know what version it was created in, but I have the whole CS4 extended creative suite at my disposal.