Yes, that mold is wood. It's a piece of maple I had sitting around. I've made about 10 weights with it, some 2 and some 3 pounders for a DUI harness with velcro pockets.
Once the wood is really dry the weights come out very nice - no bubbles, etc. I should have baked it a while to dry it before I used it. The first few weights would have been nicer. It still reproduces the marks in the mold pretty well. In the first pic you can see a line around the near corner, just below the top surface (that was actually the bottom surface in the mold). That's from an uneven cut in the mold. In the second pic the weight is turned over so you can see the top surface of the weight. It's actually the roughest of all the surfaces!
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I've tried with wood molds and also with cement molds. Though possible, cement molds are usable only two or three times, then it breaks. Woods molds depend on the wood used. I was not lucky with the wood I've used.
Metal molds are the best I could achieve, you can install inserts for the belt and fortunately I have the tools to do them.