An illumination assembly including one or more light emitting diodes (LED) connected to a power supply and integrated in or supported on a device. When used, a mounting assembly is structured to removably and adjustably dispose the one or more LED's in any one of a plurality of orientations which best facilitates the illumination of a work area of the device on which the illumination assembly is mounted. The light source, power supply and mounting assembly may assume a variety of different structural configurations so as to be readily adaptable to any one of a plurality of devices with which the illumination assembly may be used. The power supply and any one or more of the LED's may be removed and replaced for repair and/or replacement, wherein the versatility of the illumination assembly is such as to be usable with any of a large variety of instruments, mechanical tools or a variety of other utilitarian devices in order to achieve an adequate amount of illumination.