I got some time so I looked up the 7.62X54R. The 7.62 mm = 0.300 inches for the bore and the 7.92 mm = 0.312 inches for the groove. This information comes from the Commission Internationale Permanente (CIP) site. Go to Table of Dimensions of Cartridges and Chambers (TDCC). The dimensions are in millimeters so convert to inches. This organization is mandatory for any one making guns and/or ammunition in Europe. Sporting Arms and Ammunition Manufacturing Institute (SAAMI) is voluntary for the people making guns and/or ammunition in the US.
Just to add to the fun of how crazy 'caliber' vs actual measured diameters is, the 7.62x54R, which was developed by Russia for their 1891 'three line' rifle was originally called...
wait for it...
the 'three-line cartridge model 1891'
Since the Russians referred to a bore diameter as being expressed in 'lines' and a line represented a distance of 100 thousandths of an inch, a three-line rifle had a bore of .300" (or 30 caliber). So a Mosin-Nagant (Officially a 3-Line rifle M1891) is a 30 caliber rifle. Interesting that the Russians would employ a fraction of an Imperial measurement to designate as a 'line' but then they had to go and fudge up distance in yardage by using a Arshin to represent exactly 28 English inches. If you are shooting at a Target 100 yards away, it is about 128 Arshins away, but only 91.44 meters.
For more fun, a Mark 6 naval gun such as was employed on the North Carolina-class US battle ships would properly be called a 16/45 (16 inch / 45 caliber) gun. The bore diameter was 16 inches. The caliber was determined by the length of the bore divided by the bore diameter (or how many distances of diameter stacked end-to-end would equal the bore length). The Mark 6 bore length was 720 inches. 720 divided by 16 =45, so the gun was a 45 caliber.
If we used that method for standard carry firearms, a 42 inch long bore length with a .69 bore diameter would be a 61 caliber (60.869 rounded up, since we always round up because bigger is better). If we increased the length of the barrel bore to 44 inches, then we would have a 64 caliber. Think of the fun that could be had explaining how two guns with identical bore diameters would actually be two different calibers because they did not share the same bore length.
A Colt Navy revolver with a 5" barrel would be a 14 caliber, but if it had a 6 inch barrel it would be a 17 caliber.
I guess my point with all this nonsense is that, for the most part, it is all nonsense.
But only because the Europeans with their pesky Metric System screwed it all up. I blame the French.