Step 1

Start a new document about 250x250 pixels, then select your "elipse tool" shape in your toolbar and draw a perfect round circle shape.

Holding down SHIFT+while drawing your shape to get a perfect circle shape.

Step 2

Now apply the following layer styles to this shape. (Layer->Layer Style...)
-> Gradient Overlay
-> Bevel and Emboss

Step 3

Now, select your circle shape tool again, and draw another perfect circle shape on top of the previous shape, this time, slightly smaller, and center it on top of the bottom layer.

Step 4

Now, apply these layer styles to the top layer (Layer->Layer Style...)
-> Gradient Overlay
-> Inner Shadow
->Stroke

If your center point is in the center, you can move it down.

Step 5

- Now create a new layer above the other 2 shapes
- Use the Elliptical marquee tool to make a selection.
- Then move your cursor to the layers pallete placing it just above the top shape's layer

hold down CTRL+SHIFT+ALT+CLICK on that layer.

Fill this layer in with white, then press CTRL+D to deselect.

Step 6

Set the layer to SOFT LIGHT, and set it's opacity to 80%

Then use the eraser tool with a soft edge (size around 60px) and erase out the bottom portion of that layer.

Step 7- completed set of different colors