Credit crunch costs cancer charity £40,000

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A daffodil-shaped diamond ring valued at £40,000 was due to be auctioned for Marie Curie Cancer Care but has failed to sell.

The ring, created exclusively for the charity in the shape of its flower emblem, could have made enough money to pay for 36 cancer patients to be treated by Marie Curie nurses in their final days. But it failed to reach its reserve price at the auction at Sotheby's yesterday.

A spokeswoman for the charity said: "We plan to re-auction the ring again in March. We are very grateful that we have such a wonderful asset and know it is just down to the economic climate. The ring will ultimately help to fund more nursing care for terminally ill people." Marie Curie Cancer Care was set up with money from the auction of a diamond engagement ring. The sale in 1948 made £75 - the equivalent of £5,762 today.

The new daffodil ring was created by Charlie Pragnell of Stratford Upon Avon-based jewellers George Pragnell. It was donated to mark the charity's 60th anniversary. At its centre is a rare oval-shaped yellow diamond weighing 0.82 carats, surrounded by diamond petals and leaves.

Marie Curie Cancer Care expects to care for around 2,700 terminally ill patients this year, in their own homes and in the charity's 10 hospices. It needs to raise £115million a year.