That is a very good question and leads to some discrepancy between firearm manufacturers.
Since most modern weapons have rifled barrels--spiral grooves cut into the barrel to impart spin to the projectile, how one measures caliber can vary.
I'm told that American manufacturers measure the maximum diameter, that is from the depths of one rifling groove to the depths of the groove 180' opposite of it.
European manufacturers tend to measure the minimal distance, from the top of a land (the opposite of the groove), 180' across to the top of the land.
So the exact same barrel might be measured as 7.65mm in the US, while in Britain, its measured as 7.62mm.
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