Start by pouring 4 cups of pomegranate juice into a large pot and bring it to a boil over medium-high heat. Once boiling, reduce the heat to low and let it simmer uncovered for about 1 hour, stirring occasionally, until the juice has reduced to about ½ cup and becomes syrupy in consistency.

In the same pot, add the reduced pomegranate juice along with ½ cup of unsalted butter, 1 cup of granulated sugar, ½ cup of light brown sugar, and 1 cup of heavy whipping cream. Cook this mixture over medium heat, stirring continuously until everything melts and is well combined.

Raise the heat to medium-high and continue to cook the mixture, stirring regularly, until it reaches a temperature of 255-260°F on a candy thermometer.

Once your caramel reaches the right temperature, carefully remove the pot from the heat. Stir in 1 teaspoon of vanilla extract, ½ teaspoon of flaky sea salt, and, if desired, a few drops of red food coloring. Mix thoroughly to integrate all flavors and colors while the caramel is still hot and pourable.

Prepare a pan by lining it with parchment paper or greasing it lightly. Pour the warm caramel mixture into the pan, spreading it evenly. Allow it to cool at room temperature for about 30 minutes before refrigerating it uncovered for 2 hours until it firms up completely.

After the caramels have set, remove the pan from the refrigerator. Use a sharp knife, lightly greased with oil, to cut the caramel into bite-sized pieces. Wrap each piece individually in wax paper, twisting the ends to secure them.