I know there are similar tutorials outside, but many of them use alpha mask which costs much time or have some bad edges.
Final result:
Plugins used:
Align Object:
http://forums.getpaint.net/index.php?/topic/4193-align-object-plugin-updated-06172007
1. Create a new document 300X300 px. and delete the white colour. Rename the layer to “Ring”
2. Use the ellipse tool, mode, Draw filled shape, Colour: Light gray (808080) and press Ctrl to draw a circle fitting into the image
3. Use Align Object, center (yes, this is important)
4. Duplicate the layer and name the top layer “Ring Reflection”
5. Use Adjustments, Hue/Saturation lightness to 90
6. Use the gradient tool, mode: Transparency mode, Linear reflected.
Start at the centre and draw a diagonal Line. Now it should look like this
7. Duplicate the ring Layer and Name it “3D” move 3D to the top.
8. Use Layers, Rotate/Zoom Zoom at 0.90x
9. Duplicate 3D and name the top layer “3D Reflection”
10. Use Adjustments, Hue/Saturation lightness to -90
11. Use the gradient tool, mode: Transparency mode, Linear.
Start above the image and draw a straight Line(hold Ctrl) down to the inner circle.
Now it should look like this:
12. Duplicate 3D and name the top layer “Colour”
13. Use Adjustment, Curves, RGB mode , uncheck Red and pull the Right part of the line to the Button (to change the colour use Hue/Saturation)
14. Use Layers, Rotate/Zoom Zoom at 0.90x
15. Duplicate Colour and name the top layer “Colour Shade”
16. Use Adjustments, Hue/Saturation lightness to -90
17. Use the gradient tool, mode: Transparency mode, Linear.
On top of the Black Circle and draw a straight Line down to the button of the circle.
Now it should look like this:
18. Create a new Layer named “Colour Reflections”
18. Use the ellipse tool, mode, Draw filled shape, Colour: White like this:
19. Use the gradient tool, mode: Transparency mode, Linear. Draw a straight line from the top of the reflection to a point under the Reflection it should now look like the Final Result: