I am trying to figure out the best approach to produce this effect.
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You can certainly achieve something very similar in Photoshop. Create a text layer and then double click on it to bring up the effects. Then add multiple inner shadows, emboss, etc until you get something that you like. You will need to uncheck the 'use global light' option in the effects so that you can move each effect independently. This can quite quickly get you something like this:
For more complex effects, such as the multiple highlights in the example image, you may have to create multiple images with different effects and then use different opacity modes to combine them.