Okay, I hope with all the pictures this is easy to understand, I'll be guiding you along, ofcourse, if there are any problems you can always let me know through the forum. This is what I'll show you how to make :

First of all go to the 'File menu' and choose 'New...' type in a name for the document and set the width and height to 400 pixels each, as shown in the picture below :

Now you have an empty space, first, take the paint bucket tool and fill the layer with black, then create a new layer on top of it, on that layer, using the 'Elliptical Marquee tool' draw a Circle(use the shift button to make sure all sides are equal) and make sure its aligned in the middle of the layer, like so:

Now, using the Paint bucket tool apply the 'Gravel' pattern of the Rock patterns group. Apply Filters > Sharpen > Sharpen :

Now, this is very important, so make sure you do this, deselect the circled area around the pattern and go to Layer > Flatten image. Now apply Filters > Distort > Polar Coordinates... Choose Polar to Rectangular. Your image should now look something like this :

Go to : Image > Rotate Canvas > 90 CW :

Apply Filter > Stylize > Wind, choose wind and from the right and press OK, now press Ctrl F once to repeat it. Your image should be something like:

Now to reverse the process, first, go to Image > Rotate Canvas > 90 CCW and then apply Filter > Distort > Polar Coordinates, this time choose "Rectangular to Polar". You should now see this:

Now, to make it look like a diamond. Press Ctrl + U to open the Hue/Saturation menu and use the following settings:

This is what you'll get:

Now to add the sparkle, using the 'Dodge tool' with the Range set to 'Highlight' and a 50% exposure, 65 hard brush or smaller thats upto you, just click on the places on the surface you want to add more light to, mine looks like this:

Starting to look good isnt it? Just a little touch left. Just press Ctrl + J twice to make two duplicates of the layer. On the top layer, change the blending mode to 'Overlay' and click on the bottom layer ( not the background layer ) to choose it, now press Ctrl + U and apply the following settings :

And finally, you get:

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