Luthier Tom Sands uses the ELEVATE Dot Doctor 

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Tom Sands reviews the ELEVATE Dot Locator and shows how he uses the tool in his shop.
Turn an ordinary hand held drill into a precise tool for fret marker inlays. The Dot Locator references the fingerboard taper and the fret slots to accurately and repeatably position your drill bit in the perfect location for dot inlays. With two different widths of points that fit into the fret slots, this handy jig can handle most fretboards- from ukuleles to baritones.
Using a dot size other than 1/4″? The Dot Locator is still the most accurate way to mark locations for drilling dots. Simply use a transfer punch to mark the board and then drill.