Create a circle using elliptical shape tool.



Double click the layer to open layer style window. Apply settings as shown.





Similarly create more circles.



Select gradient tool and apply settings as shown on the top bar.



Create a new layer. Apply the gradient several times as shown.



Change the layer mode to "Overlay".  



Create more circular shapes with different color as shown.



Select and merge all the red color circular layers. From "Filter" menu select "Blur>>Radial Blur ".
Apply settings as shown below.



Change the layer mode to "Pin Light" and opacity to 50%.



Duplicate the diamond gradient layer. Move this layer right below the radial blurred layer in layer order in layer palette.