Jones and Boston College's Troy Bell were traded to the Memphis Grizzlies for first-round picks Marcus Banks and Kendrick Perkins.
"It's a very happy day for us," said Memphis President of Basketball Operations Jerry West. "From an athletic standpoint, we got two of the best in the draft."
Jones said he was "very happy" with how his draft scenario turned out.
It's been a hard night," he said. "I was very anxious, and my nerves were a wreck. But I'm very happy to be where I am."
Jones will join former Duke National Player of the Year Shane Battier in Memphis. Battier, the sixth overall pick of the Grizzlies in 2001, was named to the 2002 NBA All-Rookie first team and is a co-captain.
"Shane is going to help me as much as he can," Jones said. "It's a young organization. The guys play really hard. They can only get better because of how hard they play."
Jones, a first team All-Atlantic Coast Conference selection and All-ACC Defensive Team member in 2003, averaged a team-best 17.7 points and 5.5 rebounds as a senior. He ranked among ACC leaders in scoring (3rd, 17.7 ppg), field-goal percentage (6th, .470), free-throw percentage (11th, .749) and rebounding (15th, 5.5 rpg).
He also led all players with an average of 24.7 points per game in the NCAA Tournament.
Duke has had at least one player selected in the NBA Draft for six consecutive years. Twenty-four Blue Devils have been selected in the first round of the Draft, including 17 during the Coach K era and nine in the last six years.
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