Here is how I did this.

I was just trying this to see if I could do  it.  I like it but it does need a little improvement.  I used the Manhatten Flower embossing folder from Stampin Up.  I took a white piece of heavy cardstock, and embossed the design on it using the folder and my Cuttlebug. I then took a brayer, loaded it with Versamark and gently went over the raised image.  I quickly poured white embossing powder over the image, tapped of the excess and used my heat embossing gun to set the image.  I then wet the design I wanted to paint first with plain water.  I put a drip of my rinker dye ( Baroque Burgandy) on a plastic tray, absorbed alitte of the dye with my water brush painter and proceeded to color in the design.  I used the paint a little stronger in some areas to make the appearance of shading.  You could also use a regular paint brush and get the ink from your stamp pad.  When the design was dry, I cut the it out and glued it to a white card.  I fill the design with crystal effects which made it raised and shiny.  I got this idea from a SU website, only she stamped the image with the rose from the Fifth Ave. Floral set from SU.  I don't remember the stampers name.  I would have liked to have given her credit here.