1) Open a new file. The size should be at least 250x250.

2) Duplicate the background layer. You should now have two white layers.

3) Select the eliptical marquee tool

4) Select a circular shape similar to the following one:

5) Fill the circle with A6A6A6

6) Use the magic wand tool (press w) and remove the white part of the image.

7) Create a new layer. (it should be transparent)

8) Create a circle in the new layer similar to the following:

9) Fill it with FF00BA

10) Use the magic wand tool (press w) and select the pink circle.

11) Select the layer with the greay circle on it and press delete.

12) Now go to layer>layer style>blending options

13) Select "Bevel and Emboss" with the following settings:

14) Select stroke with the following settings:

15) It will look something like this:

16) Select the layer containing the pink circle and go to layer>layer style>blanding options

17) Select "Inner glow" and enter the following settings:

18) And select "stroke" with the following settings:

19) It will look something like this:

20) Go to filter> render> lens flare

21) Do the first one on the south east of the circle with the following settings:

22) Do the second one on the north west of the circle with the following settings:

23) The Result: