Gradient’s parameters:

Select on this stage the Ellipse Tool (U) to draw a kind of rivet, colored with #8B8B8B, placing it the same way shown below:

The layer’s parameters: Blending Options>Drop Shadow

Blending Options>Bevel and Emboss

Blending Options>Bevel and Emboss (Contour)

 

Make a copy of the last made layer and choose Free Transform option to place the copy, like it is indicated below:

Next we shall use a standard brush of white color to draw a kind of frame, like the one demonstrated next picture:

Natural Brushes

Take the Eraser Tool (E) to clean out the picture’s edges, applying the same brush:

The picture is finished!

View full size here.