diff --git a/graphene/__init__.py b/graphene/__init__.py
index 79504a10..f376994b 100644
--- a/graphene/__init__.py
+++ b/graphene/__init__.py
@@ -1,49 +1,67 @@
-from .types import (
-    AbstractType,
-    ObjectType,
-    InputObjectType,
-    Interface,
-    Field,
-    InputField,
-    Schema,
-    Scalar,
-    String, ID, Int, Float, Boolean,
-    List, NonNull,
-    Enum,
-    Argument,
-    Dynamic
-)
-from .relay import (
-    Node,
-    is_node,
-    ClientIDMutation,
-    Connection,
-    ConnectionField
-)
-from .utils.resolve_only_args import resolve_only_args
+from .pyutils.version import get_version
 
-__all__ = [
-    'AbstractType',
-    'ObjectType',
-    'InputObjectType',
-    'Interface',
-    'Field',
-    'InputField',
-    'Schema',
-    'Scalar',
-    'String',
-    'ID',
-    'Int',
-    'Float',
-    'Enum',
-    'Boolean',
-    'List',
-    'NonNull',
-    'Argument',
-    'Dynamic',
-    'resolve_only_args',
-    'Node',
-    'is_node',
-    'ClientIDMutation',
-    'Connection',
-    'ConnectionField']
+
+try:
+    # This variable is injected in the __builtins__ by the build
+    # process. It used to enable importing subpackages when
+    # the required packages are not installed
+    __SETUP__
+except NameError:
+    __SETUP__ = False
+
+
+VERSION = (1, 0, 0, 'alpha', 0)
+
+__version__ = get_version(VERSION)
+
+if not __SETUP__:
+
+    from .types import (
+        AbstractType,
+        ObjectType,
+        InputObjectType,
+        Interface,
+        Field,
+        InputField,
+        Schema,
+        Scalar,
+        String, ID, Int, Float, Boolean,
+        List, NonNull,
+        Enum,
+        Argument,
+        Dynamic
+    )
+    from .relay import (
+        Node,
+        is_node,
+        ClientIDMutation,
+        Connection,
+        ConnectionField
+    )
+    from .utils.resolve_only_args import resolve_only_args
+
+    __all__ = [
+        'AbstractType',
+        'ObjectType',
+        'InputObjectType',
+        'Interface',
+        'Field',
+        'InputField',
+        'Schema',
+        'Scalar',
+        'String',
+        'ID',
+        'Int',
+        'Float',
+        'Enum',
+        'Boolean',
+        'List',
+        'NonNull',
+        'Argument',
+        'Dynamic',
+        'resolve_only_args',
+        'Node',
+        'is_node',
+        'ClientIDMutation',
+        'Connection',
+        'ConnectionField']
diff --git a/graphene/pyutils/__init__.py b/graphene/pyutils/__init__.py
new file mode 100644
index 00000000..e69de29b
diff --git a/graphene/pyutils/version.py b/graphene/pyutils/version.py
new file mode 100644
index 00000000..643149c7
--- /dev/null
+++ b/graphene/pyutils/version.py
@@ -0,0 +1,77 @@
+from __future__ import unicode_literals
+
+import datetime
+import os
+import subprocess
+
+
+def get_version(version=None):
+    "Returns a PEP 440-compliant version number from VERSION."
+    version = get_complete_version(version)
+
+    # Now build the two parts of the version number:
+    # main = X.Y[.Z]
+    # sub = .devN - for pre-alpha releases
+    #     | {a|b|rc}N - for alpha, beta, and rc releases
+
+    main = get_main_version(version)
+
+    sub = ''
+    if version[3] == 'alpha' and version[4] == 0:
+        git_changeset = get_git_changeset()
+        if git_changeset:
+            sub = '.dev%s' % git_changeset
+
+    elif version[3] != 'final':
+        mapping = {'alpha': 'a', 'beta': 'b', 'rc': 'rc'}
+        sub = mapping[version[3]] + str(version[4])
+
+    return str(main + sub)
+
+
+def get_main_version(version=None):
+    "Returns main version (X.Y[.Z]) from VERSION."
+    version = get_complete_version(version)
+    parts = 2 if version[2] == 0 else 3
+    return '.'.join(str(x) for x in version[:parts])
+
+
+def get_complete_version(version=None):
+    """Returns a tuple of the graphene version. If version argument is non-empty,
+    then checks for correctness of the tuple provided.
+    """
+    if version is None:
+        from graphene import VERSION as version
+    else:
+        assert len(version) == 5
+        assert version[3] in ('alpha', 'beta', 'rc', 'final')
+
+    return version
+
+
+def get_docs_version(version=None):
+    version = get_complete_version(version)
+    if version[3] != 'final':
+        return 'dev'
+    else:
+        return '%d.%d' % version[:2]
+
+
+def get_git_changeset():
+    """Returns a numeric identifier of the latest git changeset.
+    The result is the UTC timestamp of the changeset in YYYYMMDDHHMMSS format.
+    This value isn't guaranteed to be unique, but collisions are very unlikely,
+    so it's sufficient for generating the development version numbers.
+    """
+    repo_dir = os.path.dirname(os.path.dirname(os.path.abspath(__file__)))
+    git_log = subprocess.Popen(
+        'git log --pretty=format:%ct --quiet -1 HEAD',
+        stdout=subprocess.PIPE, stderr=subprocess.PIPE,
+        shell=True, cwd=repo_dir, universal_newlines=True,
+    )
+    timestamp = git_log.communicate()[0]
+    try:
+        timestamp = datetime.datetime.utcfromtimestamp(int(timestamp))
+    except ValueError:
+        return None
+    return timestamp.strftime('%Y%m%d%H%M%S')
diff --git a/setup.py b/setup.py
index 649ff575..8cd04b5c 100644
--- a/setup.py
+++ b/setup.py
@@ -3,6 +3,21 @@ import sys
 from setuptools import find_packages, setup
 from setuptools.command.test import test as TestCommand
 
+if sys.version_info[0] < 3:
+    import __builtin__ as builtins
+else:
+    import builtins
+
+# This is a bit (!) hackish: we are setting a global variable so that the main
+# graphql __init__ can detect if it is being loaded by the setup routine, to
+# avoid attempting to load components that aren't built yet:
+# the numpy distutils extensions that are used by scikit-learn to recursively
+# build the compiled extensions in sub-packages is based on the Python import
+# machinery.
+builtins.__SETUP__ = True
+
+version = __import__('graphene').get_version()
+
 
 class PyTest(TestCommand):
     user_options = [('pytest-args=', 'a', "Arguments to pass to py.test")]
@@ -24,7 +39,7 @@ class PyTest(TestCommand):
 
 setup(
     name='graphene',
-    version='1.0.0',
+    version=version,
 
     description='GraphQL Framework for Python',
     long_description=open('README.rst').read(),