I am often surprised by the opinions expressed about cheap tooling. There has been cheap tooling for the last 150 years or so – called continental, made in Hong Kong, Jap rubbish (or similar!) and at present it is China getting the abuse thrown at it.
If cheap does the job then don't pay more! It is a sound engineering axiom that accuracy costs money, so don't demand more accuracy than necessary for the job.
If the collet is too far out send it back, if it is too expensive to do that (would you pay postage on a three quid collet?) then buy another – you are still in pocket and it usually works, particularly if you are making parts to fit together rather than absolute sizes.
Today many brand names, even those with a reputation going back years, have changed hands so often that the name is all that is left – Moore and Wright has had 5 owners as far as I can see as one example.
They say quality tools will last a lifetime – but as an amateur how many times might I want to use something in the ten to twenty years remining to me? – and as CADCAM means that accuracy can be maintained with little or no skilled input, many cheap tools today are close to being as good as more traditionally made ones in the past – not feeling as nice, and perhaps not as long lasting, but in general accurate enough to do a job at a price that means they can be afforded and used in place of a second choice lash up. So affordable milling machines, collets, oxy-propane and all the other things unheard of in an amateurs workshop 30 years ago or so are nearly universal today.
Please can we condemn and banish from our workshops bad tooling – but that doesn't mean banning cheap tools or Chinese tools or any other tools unless they truly are unfit for the purpose and circumstances they are going to be used in!
Nick