Incoterms is short for International Commercial Terms.
They are worldwide used trade terms published by the International Chamber of Commerce (ICC) relating to international commercial law. Written on invoices, each incoterm specifies different payment terms information such as the risks associated with the delivery of goods according to their arrival location.
And they are very important in negociations with a new clients as those three letters each specify differents terms, risks and duties...
In the jewellery business, we generally use a few.