Here's your design with finishing effects, along with a few closeups for detail. The outer ring is now textured and embossed, with the lettering carved into it. The lettering has a bright outline to enhance the contours of the letters. Almost all of the other elements, (lions, center gold ring and figures, banner sections, etc.) have some level of embossing as well. We've added a thin gold outline to the lions to make them stand out, which also fits stylistically with the center silhouettes. The figures also have a dropshadow to lift them off the flag background. We moved the banner up so the gold ring rests behind it a bit. Appropriate drop shadows have been applied.
The previous mockup is posted at the bottom.