Source : Webster's Revised Unabridged Dictionary (1913)

Colet \Col"et\, Collet \Col"let\ [Corrupted fr. acolyte.]
   An inferior church servant. [Obs.] See {Acolyte}.

Collet \Col"let\, n. [F. collet, dim. fr. L. collum neck. See
   {Collar}.]
   1. A small collar or neckband. --Foxe.

   2. (Mech.) A small metal ring; a small collar fastened on an
      arbor; as, the collet on the balance arbor of a watch; a
      small socket on a stem, for holding a drill.

   3. (Jewelry)
      (a) The part of a ring containing the bezel in which the
          stone is set.
      (b) The flat table at the base of a brilliant. See Illust.
          of {Brilliant}.

                How full the collet with his jewel is! --Cowley.

Source : WordNet®

collet
     n 1: a metal cap or band placed on a wooden pole to prevent
          splitting [syn: {ferrule}]
     2: a cone-shaped chuck used for holding cylindrical pieces in a
        lathe [syn: {collet chuck}]
     3: a band or collar that holds an individual stone in a
        jewellery setting