Abstract: A unitary punch and die assembly for tooling a powder material compacting apparatus, or press, the assembly comprising a die plate mounted in the press table, which removably holds a die bushing clamped in position by a retainer collet provided with a peripheral thread and an internal thread. The retainer collet has an internal shoulder engaging a shoulder at the base of the die bushing, and a clamping ring threads on the internal thread of the collet for holding the die bushing in position within the collet. The peripheral thread of the collet engages the corresponding internal thread of a die spacer on which the die plate is mounted. By means of the retainer collet and the clamping ring, the die bushing surface may be adjusted flush with the surface of the die plate, without requiring grinding or lapping of the die bushing after assembly of the die bushing in the die plate.