In a saucepan heat pomegranate juice to boiling; reduce heat. Simmer 3 to 5 minutes or until reduced to 1/4 cup. Add remaining ingredients; return to boiling. Reduce heat. Boil gently, uncovered, for 20 to 25 minutes, stirring occasionally, until liquid portion is consistency of honey (mixture will thicken as it cools). Remove pan from heat; cool completely. Transfer preserves to a covered container; refrigerate up to 1 month. Makes 1-1/2 cups (12, 2-tablespoon servings).