
1. Start with a new file, 300x300 pixels and a white background.
2. Start with the 'Ellipse Tool (Ctrl + U)' on the Toolbar, and activate the 'Shape Layers' icon up on the Options Bar.
3. Next, with the 'Ellipse Tool (Ctrl + U)' still active, select the 'Subtract from Shape Area (-)' icon on the Options Bar, and click and drag to draw a hollowed shape area.
4. Then click and drag to draw an Oval shape and use 'Ctrl + T' to activate the Transform handlers (The Shape Color is not all that important at this point as long its different from your background for contrast).
5. Next duplicate the original Shape Layer, and change the Shape color to Black (#000000). And position it below the original Shape Layer.
6. Next with the 'Path Selection Tool (A)' active on the Tool Bar, select and drag the inside path downward (or nudge with the arrow keys) to reveal some of the black from the vector mask layer.
7. Next Select the original Shape 1 Layer in the Layers Palette.
8. Then click Layer -> Layer Style -> Inner Shadow and use this setting : Blend Mode=Normal (color = white), opacity value=95, angle=63, use global light is checked, distance=3, choke=30, size=1, contour=cone, anti-aliased=checked, noise=6.
9. Inner Glow setting : Blend Mode=Normal, opacity value=8, noise=71, not gradient, technique=softer, source=edge, choke=82, size=16, contour=linear, anti-aliased=checked, range=42, jitter=57.
10. Bevel & Emboss Setting : style=inner bevel, technique=smooth, depth=51, direction=up, size=4, soften=16, angle=63, use global light is checked, altitude=21, gloss contour=linear, checked anti-aliased, Highlight Mode=screen and Color: #F9F4A4 opacity=95, Shadow Mode multiply and Color: #B77606 opacity=81.
11. Contour Style: linear, checked anti-aliasing, ranger=81.
12. Satin Style: Blend Mode= multiply Color #A25C0A, opacity=25, angle=25, distance=60, size=9, Contour: Cove – Shallow. Anti-aliased is checked and invert unchecked.
13. Gradient Style : Blend Mode=Normal, opacity=100, Gradient: Foreground Color #C48C20 to White #FFFFFF, reverse unchecked, style=linier and align with layer is checked, angle=90, scale=100.