Jones' family and former Australia captain Border participated in the farewell during the tea break of the ongoing second Test here.
To honour Dean Jones' life, Cricket Australia has decided to pay two significant tributes during the India series.
Karachi Kings defeated Lahore Qalandars on Tuesday by five wickets in the finals to lift their maiden PSL title win.
Jones' coffin was conveyed around the MCG, where he played six of his 52 Test matches.
Following Dean's demise, the entire cricket fraternity - including that from the Indian sub-continent - expressed their grief.
SP Balasubrahmanyam, popularly as SPB, died in Chennai on Friday afternoon after a long battle with COVID-19 infection.
Jones, 59, collapsed and died following a cardiac arrest in a Mumbai hotel where he was staying during an assignment with the official broadcaster of the Indian Premier League (IPL).
Australia will also be wearing black armbands during the match, Cricket.com.au reported. The first game of the three-match T20I series will begin on Saturday.
Former Australian batsman and commentator Dean Jones dies of massive cardiac arrest in Mumbai
Shortly after lunch on Thursday, the 59-year-old Dean Jones had passed away, a massive heart attack claiming the life of a man who lived cricket.
As a commentator, Dean Jones was spot on and had in depth knowledge of the game, says Indian batting legend Kris Srikkanth.
KL Rahul was dropped by Virat Kohli twice when he was on 83 and 89 and he made them pay to put Kings XI in a commanding position.
Sunil Gavaskar, who played against him and commentated alongside the Australian for many years, called Jones a dynamic personality.
Jones was in Mumbai as a commentator for the ongoing IPL 2020 and had been seen having breakfast with fellow commentators Brett Lee and Nikhil Chopra.
According to the cricketer-turned commentator, a lot will now depend on skipper MS Dhoni and coach Stephen Fleming in order to 'gel the team' together.