Creating a Gold Ring from Scratch

We'll being with a blank, black canvas. Choose the Elliptical Marquee selection tool and make a selection like so:

Create a new layer and fill this with White, for clarity:

Next, right-click the new layer and choose Udplicate Layer. Then Move it up 1px - that's it. Then repeat - duplicate this layer and move it up 1px, duplicate that layer and move it up 1px, etc. Do this around 15 times to get something like this:

We can merge all the elliptical layers together by Merging down. Select the top layer and press Ctrl+E to merge down to the one below. Repeat this until we have just one layer plus the background.
Now similar to how we did the first, add a new Layer and then make a black ellipsis, slightly smaller than our original, like so:

Now, let's go ahead and add the styles. Either double-click the original layer (the ring) or right-click it and choose Blending Options to bring up the Layer Style window. We're going to add a Bevel and Emboss (Style: Pillow Emboss, Technique: Smooth, Direction: Down, Size: 0, and Soften: 0). We will also add a Gradient Overlay (Style: Linear, Angle: 0). The gradient will look like this:

We also apply the Pillow Emboss to the inner ellipsis (the hole). Once applied, we should have a pretty amazing-looking ring like this: