Step 1
Create a new image of 500X500 Pixels. Fill the background with #4D4D54. Create a new layer and draw a circle on top of that layer. Fill that circle with: #1D1D1D. Make sure it looks a bit like the one below.
Step 2
Call the original layer BASE, and the layer we just duplicated BASE DUP. Make sure you will have your BASE layer above the BASE DUP layer. Now select the BASE DUP layer and go to: Filter>Blur>Gausian Blur, and blur the layer with 2 pixels. Select the BASE Layer and add a layer style. In this layer style we will create a gradient overlay. Make sure you will have a little complex gradient with gray, black, white and light blue colors. Make sure you get something like I have.
Step 3
Layer while holding CTRL. This should select the shape of the circle. Press D to reset the colors. Now draw a gradient from the top right corner of the screen to the lower left corner of the screen. Put the layer blending to SCREEN and set the opacity of the layer to 70%. And again its time to create a new layer. Call this layer: LINE. Draw a circle that is a bit smaller then the first circle and fill it with: #1D1D1D. It should look like this.
Step 4
Now right click on the BASE layer and select: Duplicate Layer Style. Go to the LINE layer and select Paste Layer Style. You should now have the same gradient overlay effect in the small circle. Time to create a new layer (again). Call this layer LINE SCREEN. Select this layer and click on the LINE Layer while holding CTRL. Now press D again and take the gradient tool. Draw a gradient from the lower left corner of the image to the top right corner. Set the blending mode of the layer to SCREEN and make the opacity 80%. Now its time for the tricky work. Create a new layer again and call this one INNER BASE. Draw a circle in this layer. Make sure the INNER BASE circle is 2 pixels smaller (on each side) then the LINE layer. make sure you will get a selection like below (only the top of the selection is visible)
Step 5
Now go to Edit>Copy Merged. Now select the INNER BASE Layer and press CTRL+V (paste) You should have a copy of the circle on that layer now. Its time to add some inner shadow to the INNER BASE Layer. Use these settings.
Conclusion
Time for a new layer again. Call this layer: MID Create a circle on this layer and fill it with: #1D1D1D. Now add a Drop Shadow Layer style with the settings: Opacity: 85% / Distance 0 / Spread 0 / And Size: 13. You should have something like this.
