Designing a logo with black shining pearls

Create an elliptical selection using elliptical marquee tool. Create a new layer. Apply Black to white gradient. Change layer mode to screen for this layer.

Select and merge all layers. Duplicate the layer scale down and place as shown.

Duplicate the layer. Again and place on the big circle edge as shown.

Keep duplicating layer and adjust their placement as shown.

Select and merge all the layers. Duplicate the layer. From filter menu select "Blur>>Radial blur". Apply settings as shown.