WWE.com has published a story looking at the history of the new WWE Championship belt design at this link. The process began around 18 months when the company told Senior Vice President of Creative Services Stan Stanski that they wanted to ditch the spinner belt.
Stanski created some early prototypes and then approached Orange County Choppers, who helped create the "W" on the belt and added the gems. The story noted that more than $50,000 went into the production of the title.
Here is an early photo of the belt which we reported about last June, courtesy of BeltTalk:
Once again, here is the finished product: