Como posso empregar se existe para criar ou descartar um índice no MySQL?

set @exist := (select count(*) from information_schema.statistics where table_name = 'table' and index_name = 'index' and table_schema = database());
set @sqlstmt := if( @exist > 0, 'select ''INFO: Index already exists.''', 'create index i_index on tablename ( columnname )');
PREPARE stmt FROM @sqlstmt;
EXECUTE stmt;