A clamping assembly is disclosed that includes a tapered collar extending radially inward towards an axis. A clamping sleeve is movable along the axis relative to the tapered collar. The clamping sleeve includes flexible arms. An actuator is coupled to the clamping sleeve and is configured to move the clamping sleeve along the axis between extended and retracted positions. A collet is supported relative to the sleeve. The collet includes a body having an axially extending opening configured to receive the material and circumferential fingers arranged about the opening. The clamping sleeve forces the fingers radially inward with the clamping sleeve in the extended position to clamp and hold the material. The biasing member urges the fingers radially outward with the clamping sleeve in the retracted position. Replaceable inserts can also be secured to each finger facing the opening.