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collet

/ˈkɒlɪt/ /ˈkɑlɪt/
Visual illustration of collet: A band, flange, ferrule, or collar, designed to grip and hold a tool or a workpiece under proper control, and usually to release it under control thereafter; such a collet usually is made of a hard, springy material, especially a metal.
noun

A band, flange, ferrule, or collar, designed to grip and hold a tool or a workpiece under proper control, and usually to release it under control thereafter; such a collet usually is made of a hard, springy material, especially a metal.