Step 1
Open a new document that is 500x500, RGB on white background, grab the Circle Shape tool, and pull out a circle, make sure you have no styles set, and your foreground color should be set to #0061B4
Now go to the layer styles, and choose gradient overlay with the following settings
Your Image should look like this now:
Step 2
Now, dublicate that layer, and set fill to 0%
Now, go to the layer styles, and deselect the gradient overlay and go to the Inner Shadow settings
Step 3
Now, duplicate the duplicat of the first circle, clear the layer style,and set the color to white, (keep fill at zero)
Step 3.1
Select the circle layer by ctrl+click on the layer and create a layer mask on the newest layer.
Step 3.2
Grab the pen tool, with Path selected (not shape) and create a new path simaler to the one i have below
Right click inside that path, and click Make Selection
After you press the Make Selection, a popup will apear, dont change any settings and just press okay. Now you have a selection, fill it with white, and increase the fill so you there is a kind of glare on the circle, it should not go outside the circle if you created the layer mask like stated in 3.1, resasterize the layer and add some gaussian blur (Filters>Blur>Gaussian Blur) and play around with the opacity of the glare layer, and it should turn out something like this!
Dont mind the white lines on the circle, thats just the image settings i chose to lower quality.
Now, add some shadows, play around with it a bit more, and create something like this:
That's it, guys!













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