The 4m-long statue, painstakingly cast in bronze by Auckland artist Natalie Stamilla, captures one of the most famous images in Rugby World Cup history - Jones diving across the try-line against Italy in the 1987 tournament.
Stamilla, a fine arts graduate, said it had taken two years, 10,000 hours and around $300,000 to put together.
The statue was unveiled yesterday by World Cup-winning coach Sir Brian Lochore in front of All Black greats and rugby officials.
The statue's design was based on a photograph captured by Geoff Dale, Stamilla's father, who worked as a press photographer during the 1987 tournament.
Jones was typically shy about the unveiling, saying: "I could barely believe it when I saw it from the street. Of course, I was just in the right spot at the right time. Any of my teammates could've scored [the try]."
Contractors Bonding Ltd (CBL) made a large grant for the statue.
CBL chief Peter Harris said: "We are not always good at commemorating our heroes, but this sculpture is a small step in celebrating the effort and dedication that many of our sportspeople show both on the field and in our communities."
