how to re-create this magnifying glass ..?

There's a lot of work in giving you a blow by blow description on how to do this, which is probably the only reason you have not had a response yet.  I am not going to do that, but I'll put you on track.  This was done entirely with Photoshop, with the nearest thing to a cheat being the use of Alien Skin Eye Candy 7 for the chrome effect, but even Steve Caplin does his chrom this way.

• Start with a central vertical guide, with a horizontal guide in the right sort of position, to give you a reference.
• Make the outer ring with a stroked elliptical shape with no fill.  Bevel & Emboss (smooth) to give it the depth.
• Now make the lens and fill with a light grey.  Bevel & Emboss all the way to max with max softening (depending on canvas size of course. Lower the layers Fill opacity to give the lens the right tonal value.  This leaves the layer effect intact.
• Add an Inner shadow to the lens and drop shadow to the ring.
• To make the highlight I stroked a short straight path with a tapered brush and Simulate Pressure turned on.  Then Free Transform > Warp to curve it to match the outline.
• The handle should be full made with everything vertical.  Then rotate it with the centre handle on the lens guide intersection.
• Start with a black rectangle. Add a white stripe on a new layer above clipped to the black handle layer, and blur the white stripe.
• The rounded rectangle tool for the bezels.  As I said above I use Eye Candy for my chrome effect, but the thing to remember ios that chrome is like a mirror, so you have to paint in what might be reflected, and give it loads of contrast.
• When the handle is done, group all the handle layers and rotate with Free Transform.

I think there is a magnifying glass tutorial in Steve Caplin's 100% Photoshop book.  It's essential reading for anyone into illustration with Photoshop.