STEP 1
Open a new transparent image 500 X 300.

STEP 2
Select your Preset Shapes tool. Select the rounded rectangle, Antialias only checked, line width 10, foreground color white, background null. Draw your rectangle almost to the top and bottom edges. Make sure there is a little space above and below your rectangle.

STEP 3
Apply any plugin effect or flood fill you wish. Duplicate this layer (Layers > Duplicate) and then Image > Rotate 90 degrees left or right.

STEP 4
Take your eraser tool set on 1 pixel and zoom into the frame. Erase the second and fourth part of the duplicate layer on the frame to give it a weaved effect.

STEP 5
Open a new transparent image 500 X 500. Ctrl+L to paste as a new layer. On the layer palette, delete Layer 1 by right clicking on it and choosing delete. Duplicate the layer you just pasted. Image > Rotate Free 45 degrees left or right. Merge > Merge Visible.

STEP 6
Take your Magic Wand tool, hold shift and click inside the diamond shapes. Fill with your floodfill if you used it or fill with white and apply the same effect you used on the frame.

STEP 7
Decorate any way you wish, even put a graphic in the center. If you do put a graphic in the center, click the area with your magic wand, Selections > Modify > Expand by 1. Copy your graphic and Ctrl+Shift+L to paste it inside your selection. Crop it and then resize if you wish.

Here's Mine!

That's it! You can dress it up how you want. Hope you enjoyed this tut and I hope you found it easy.