Gradient’s parameters:

 



Select on this stage the Ellipse Tool (U) to draw a kind of rivet, colored with #8B8B8B, placing it the same way shown below:



The layer’s parameters: Blending Options>Drop Shadow



Blending Options>Bevel and Emboss



Blending Options>Bevel and Emboss (Contour)

 



Make a copy of the last made layer and choose Free Transform option to place the copy, like it is indicated below:



Next we shall use a standard brush of white color to draw a kind of frame, like the one demonstrated next picture:



Natural Brushes



Take the Eraser Tool (E) to clean out the picture’s edges, applying the same brush:



The picture is finished!

View full size here.