I'm honestly having some trouble discerning what it is that you're saying has gone wrong.
Can you please re-state the problem here, and maybe annotate your drawing with arrows pointing out where you're perceiving problems?
Never mind, I guess you're talking about the "chisel marks". I've made them show quite a bit more strongly here...
I don't know how you'd make that smooth, which is I guess what you're wanting, right? Perhaps someone else does.
Edit: Had a thought: If you center a perfect circle of pixels that looks as above, you could use Radial Blur to smooth it.
To add to Noel's suggestion try the following:
1. Use the ellipse tool to draw a shape layer.
2. Go to the Blending options and set the fill opacity to zero
3. Add a stroke using center (from the layer effects)
4. Add your bevel and emboss effect
5. Convert the layer to a smart object
6. Run the radial blur filter using the Spin option
I'm not sure why those chisel marks are produced when using chisel hard and chisel soft, but it's been the same since photoshop 6
and the old extensis photo bevel plugin produced the same results as well. There must be a good reason or that probably would have
been fixed if it were some kind of bug.
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