Create "circular ring" shape using custom shape tool.

Enable "subtract from shape area" at the top bar. Create an ellipse using elliptical shape tool.

Similarly subtract more elliptical shapes as shown in the image below.

Double click the layer to open layer style window. Apply settings as shown.

Select and merge all the layers. Duplicate the layer. Scale down an place as shown.

Create some circles and apply layer style we used in previous step.

Create a new layer. Select 1pixel brush tool and create an irregular line as shown.

Double click the layer to open layer style window. Apply settings as shown.

Duplicate the layer several times. Rotate and place as shown.

Create some hanging chains as shown using brush tool.

Create four rounded rectangle using rounded rectangle shape tool. Apply same layer style.

Select all the top elements layers. Duplicate and merge them. Place twice for each button as shown in the image below.

Select and merge all the layers. Duplicate the layer and press Ctrl+I to inverse the colors. Change the layer mode to "Dissolve".