The eBook of this tutorial and all supplies you'll need are here

OK - let's get started!

1. Open all your supplies and minimize all but your image. Press shift D to duplicate your image and close your original. Duplicate your image again, resize it about 50% and apply a seamless tile. Minimize

2. Working with your other copy now, add a raster layer and flood fill it with white.

3. Go to layers>Load/save mask>load mask from disk (I am assuming that you've put your mask into your masks folder), and apply your sculptured frame mask using the settings below

4. Go to selections>from mask, then delete and answer yes when asked if you want to merge the mask into your layer. Don't deselect, go to your layer palette and merge your mask group. Don't deselect

5. Flood fill your merged mask layer with white, then go to go to Effects>Texture Effects>Sculpture and apply the following settings. Deselect

6. Add the following drop shadow, then repeat with minus values

7. Add a white symmetrical border of 10. Click with your magic wand, go to Effects>Texture Effects>Sculpture and apply the same settings we used before. Apply the following inner bevel - or my subtle preset. Do not deselect

8. Invert your selection and apply the following cutout - or my subtle preset, repeat with minus values. Deselect

9. Add a symmetrical border of 30 - not white - click with your magic wand and flood fill with the tile we made before. Do not deselect

10. Apply the following inner bevel. Deselect

11. Add a white symmetrical border of 10. Click with your magic wand, go to Effects>Texture Effects>Sculpture and apply the settings we did before, then apply the same inner bevel as we did before. Deselect

12. Open your silver corner and copy, then paste into your graphic as a new layer. Move it into your corner and add the following drop shadow

13. Now duplicate and paste into each corner. Merge all