Let’s take a look at the renderings first:
1. Create a new canvas, draw an ellipse on it, and fill it with black. This layer can be named Big Metal Ring.
2. Hollow out this oval and make a thinner oval (small metal ring) underneath!
3. Add effects to metal rings
Inner shadow, blending mode Multiply, other settings as shown:
Outer glow, the blending mode is normal, the method is soft, and other settings are as shown:
Inner glow, blending mode color filter, method selection soft, other settings as shown below:
Bevel and Emboss, select both contours and texture. Select Inner Bevel as Style, Clear Engraving as Method, Color Filter in Highlight Mode, Multiply in Dark Mode, and other settings as shown below: