A drill bit has a formation engaging face through which a plurality of counterbores are formed. A stud assembly having a polycrystalline diamond face thereon is forced into the counterbore in a close tolerance relationship therewith thereby providing frictional forces which prevent movement of the stud assembly respective to the drill bit. A passageway leads from the bottom of the counterbore back to a wall surface of the bit and emerges in spaced relationship respective to the entrance of the counterbore. Hydraulic pressure is effected within the passageway, thereby moving the stud assembly with a piston-like action. The stud assembly is next rotated to bring a new cutting face into cutting position. A tool, made in accordance with the present invention, forces the stud assembly back into the counterbore.