Select the move tool (V) and ALT drag the ring a little way off. This creates a copy. Now CRTL + T to enter transform mode and right click to choose ‘Distort’ again. Distort this new ring like we did the first, so we get a completely new ring. If you need to ‘erase’ more of the ring or bring some of the deleted part back, click on the mask layer to the right of the ring layer in the layer panel.

And for the final touch, highlight the text layer and zoom in close to the rings. SHIFT + O to cycle through the Dodge tool, Burn tool and Sponge tool. The icon with the white hand is the burn tool, and this is what we are after. Slightly burn around the point the text around the area where the ring pierces the text, but don’t over do it.

Now very softly go around the burnt area with the dodge tool.