
Select "Elliptical Marquee tool", and then move your mouse above the place where the lines cross. Press and hold ALT + SHIFT keys, and then create a circle. Fill it with gray color. Repeat this, but make a second circle a slightly smaller diameter. Now, press DEL to cut the smaller diameter. Cancel the selection by pressing CTRL-D. You result should be a gray ring.

Press CTRL key and click on the layer where the ring is located. This step will mark up filled region of the ring. Go to [Select> Save selection]. Leave it settings default and click "ok". With the selected ring, go to the "Channels" and create a new channel. Leave the channel name default too. Fill the selected area in white, and deselect the choice(CTRL-D). Now you'll need to apply a blur filter [Filter> Blur> Guassian blur]. At the first pass use the filter 4, then 3 and then then 2.
Now go back to layer with a ring. Go to [Select> Load selection] to load the previously selected area. Go to [Filter> Render> Lighting effects]. In the "Texture channel", select your blur channel (it usually has a name "Alfa 2"). Other settigs are:Intensity: 35
Focus: 69
Gloss: 69
Material: 69
Exposure: 0
Ambience: 8
Height: 80

In order to smooth the edges of your ring, press the CTRL-key and click on this layer in Layers list. Go to [Select> modify> Contract]. Select 1, and then click OK. Now invert the selection and press the DEL-key. You can also remove the "cross" because you don't need it anymore. Go to [Image> Adjust> Curves]. In order to get a realistic "silver effect" set the curves as shown on the picture below:

Now we need to add some color to our ring. Go to [Image> Adjust> Hue / Saturation]. For example a light yellow tint will create the effect of golden ring. This how-to can be used to create not only rings.

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