The background on the Rolex is simple to make, but a little complicated to explain. So I will do my best.
Open a document. Mine is 3000 x 2500 px. I like to work large.........it can always be reduced after converting to smart object.
Fill the first layer with white, this will be your background layer.
Set up your center guidelines.
Create a new solid color adjustment layer. I prefer Color adjustment layers because they can be quickly adjusted if needed.
The solid color adjustment layer can be found by clicking the half moon icon located at the bottom of the layers panel.
Adjust the layers color to the lighter color of the Rolex watch face.
Create a new solid color adjustment layer. Adjust the layers color to the darker color of the Rolex watch face.
Select your Ellipse Tool.
Create a circle. Start in the middle, hold the shift + Opt/Alt key to keep the ellipse round and centered.
Select the layer mask of the darker color.........you should see white brackets around the layer mask.
Hit Shift + Cmd/Cntrl + I to invert the selection
Fill the selection with black. Hit Cmd/Cntrl + D to deselect
Your canvas should look like this with the first mask made.....
........and this with the second mask in pace after you complete the next step
Now hold the Opt/Alt key and drag the layer mask you just made down to the lighter color.
It will ask you if you want replace the mask you say yes.
This is what your layers panel should look like......
More to come!