Truth or inexactitude? More what the packaging doesn’t say than a deliberate fib or cock-up I feel. We aren’t told he all important tolerances, and without them the dimensions we’re given are just guidelines. Both the hole in the collet and the diameter of the shaft were made within manufacturing tolerances,
I suggest there’s no particular need for the collet in a hand-held tool to be high-spec. For example, 3.175mm is within tolerance for an H9 shaft in a 3.2mm H8 hole. As a user convenience this is a ‘Free Running Fit’ allowing tools to be inserted and removed easily.
Grip is achieved later by tightening the collet, and it is how well the collet and collet holder are made that determines alignment and run-out. I don’t recall the collet system being fully specified in my Dremel manual; only the basics.
The simple message in this diagram from Michael’s packaging tells me the collet is a notional 3.2mm, therefore don’t shove a 3.3mm twist drill into it and expect the Dremel to still be good! The shaft on the tool should be 3.2mm or a little under. 3.175mm should be fine,
Collets are easily damaged by pushing even slightly oversized rod into them.
Rod smaller than nominal collet size is less of a problem, unless of course a Gorilla deforms a collet by forcibly squeezing one below it’s minimum diameter. Anyone measured the minimum diameter a Dremel collet can grip?
Dave