A rhombus-shaped cutting insert has opposing upper and lower surfaces, and a peripheral side surface extending therebetween having alternating obtuse and acute corner surfaces separated by four relief surfaces. The cutting insert is removably secured in an insert receiving pocket of a tool holder and indexable about a central axis. A nose cutting edge is formed at the intersection of one of the upper and lower surfaces with each of the two acute corner surfaces. One of the upper and lower surfaces has an engagement surface having a single primary and four secondary engagement elements. The primary and secondary engagement elements or portions thereof, exhibit mirror symmetry about primary and secondary engagement planes. The primary engagement plane contains the central axis and intersects each nose cutting edge, and each secondary engagement plane does not contain the central axis and forms an acute engagement angle with the primary engagement plane.