The date is easy and simple to do. Draw a rectangle with the marquee tool and fill it with white. Use the layer styles stroke and inner shadow. See below for my stroke settings. The most important is Fill type, gradient and style here.
The numbers and letters around the watch are also simple to do. It's just inset numbers that I moved and rotated around the watch. Inset means that you type what you want to type in black. Duplicate the layer and change the color to white and move it with the arrow keys down one pixel and right one pixel. The white layer has to be under the black layer and also have the soft light blend mode.
This is when all the inset numbers are ready. If you wonder why the numbers goes from 20 to 40 to 60 etc and only goes from 80 to E to 100 I have the answer. This is what my watch looks like and maybe it's because it's a replica :). I don't know and I don't care.
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