Stylish Phone Icon
Open a new file, that would have 450×470 px and 300dpi.
Take the next instrument and try to represent a circle like that one indicated next picture.
Blending Options-Drop Shadow
Blending Options-Inner Glow
Copy this new made layer and apply Free Transform option to minimize it. Fill 0% on the layers and make everything look like it is demonstrated below. Keep the same parameters also.
Blending Options-Gradient Overlay