Open a new canvas, 600 by 600 pixels to give you plenty of space and draw out a tag with your rounded rectangle preset shape (foreground: colour of choice, background closed off, line style: solid, width depending on the size of the tag, I used 15 ).
Objects – Align – Horizontal center in canvas. Convert to raster.
Open a new layer and with your preset tool draw a circle (you will need to adjust your line width according to your tag, I used 9). Objects -Align – Horizontal center in canvas, and then move it a bit below the upper line of the tag. Convert to raster.
Click inside the circle with your magic wand, then go to the tag layer and hit delete.
New raster layer – Arrange – Send to bottom.
Click inside the rectangular part of the tag with your magic wand, Selection – Modify – Expand by 5 pixels (or less, depending on the width), then go to the bottom layer and fill with a complementary colour.
Go back to the tag outline layer and add an inner bevel or use any other filter for creating a bevel effect. I used the Eye Candy Glass filter for creating a shiny bevel.
Go to your tag interior layer and add any texture effects and text you want to. I also used the Adjust – Rotate – Free rotate, 60 degrees, right, to place the tag at an angle (remember to check All layers if you do so ).
Layers – Merge visible.
Draw a small circle with your preset shape tool (colour white, background closed off, line style: solid, width depending on the size of your tag). Convert to raster, select with you magic wand, and apply a metal effect (I used Eye Candy Chrome). Duplicate as many times as you wish, and then move each ring into the position you want it to be.
Make sure that you tag layer is the lowermost. Go to to your tag layer and with your selection tool draw a small rectangle around the tag ring section overlapping with the first ring. Edit – Copy, then go to the ring layer, Edit – Paste into Selection. Select none.
Repeat for all the rings. Draw a larger ring for the last one.
Merge visible, and you’re done!
You can also use any other preset shape to do this.