Step 3
Now the fun part. The buckle itself!
Layers > New Raster Layer... > Ok
On the Tools toolbar, select the Selection (S) and on the Tool Options palette, Selection type: Circle
Using the width of the strap as my guide, I'm going to draw a circle larger then the strap itself:

On the Tool Options palette, change the Selection type: Rounded Rectangle
This takes just a little bit of practice and patience. What we need to do now, is expand the bottom portion of the circle selection with the rounded rectangle. You do this by holding down on the Shift key on your keyboard, then very carefully starting on the edge of circle, bring it downwards and to the opposite side like this:

When you think you've got it, let go of the Shift key on your keyboard, and your mouse. You should end up with a selection similar to this:

Yes I had to redo it a couple of times so I looked like a real pro for this tutorial. LOL Did I succeed?
On the Materials palette, set your Foreground color to #0084f1
On the Tools toolbar, select the Flood Fill Tool (F) and fill the selection:

Now the tough part. Relax. just kidding! We've got to cut the holes out.
Selections > Modify > Contract... > Number of pixels: 10 > Okay.

On the Tools toolbar, select the Selection (S) and on the Tool Options palette, Selection type: Rectangle
While holding down on the Ctrl key on your keyboard, remove a small section from the center like this:

You should end up with a piece similar to this:

Now hit Delete on your keyboard:

Selections > Select All [Keyboard shortcut: CTRL + A]
Selections > Float [Keyboard shortcut: CTRL + F]
Selections > Defloat [Keyboard shortcut: CTRL + Shift + F]
Selections > Load/Save Selection > Save Selection To Alpha Channel... > Save
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