Falcon Toolings the Collet Chuck Suppliers and Manufacturer. The collet is tightened with a screwdriver, which will hold the drill bit securely in place. Collet chucks are often used for precision work, but they can also be used for larger projects. The collet chuck is made of steel and can be tightened with a screwdriver. It will hold the drill bit securely in place, which is great for precision work. The collet chuck is also made for larger projects.