For the background I used a 'galaxy' image that I created in PS sometime ago
step 2 of 6
I added a layer and applied the clouds filter (light pink / dark pink colour settings)
step 3 of 6
Selecting Filter > Render > Lighting Effects produced the following results. (See insert for settings used)
step 4 of 6
I selected the 'planet' and feathered the edges.
Then I inversed the selection and deleted the rest of the layer, leaving only the planet
step 5 of 6
The ring was created using a 'snowflake' shape. I filled it with a light pink colour applied styles producing a 'jewelled' effect. Lastly, I played with the Transform > Perspective until I was happy with the look.
step 6 of 6
It's a very simple image but I am happy with the result.