Pour the pomegranate juice into a large saucepan and bring it to a boil over medium-high heat. Once boiling, reduce the heat to a simmer and cook for about one hour, occasionally scraping down the sides of the pan. Continue simmering until the juice thickens to a syrupy consistency and reduces to about 1/2 cup. You can test the consistency by swiping your finger across a spatula coated with the reduction.

While the juice is reducing, grease an 8x8" pan or loaf pan and line it with two strips of parchment paper, ensuring the bottom and sides are completely covered. Also, cut 32 pieces of wax paper into roughly 4-inch squares for wrapping the finished caramels. Meanwhile, measure and set out the remaining ingredients so they are ready to use.

Once the pomegranate reduction is ready, add the butter, granulated sugar, brown sugar, and heavy cream into the saucepan with the reduced juice. Stir the mixture thoroughly to combine all ingredients.

Increase the heat to medium and let the mixture come to a temperature of 255-260°F (about hard-ball stage on a candy thermometer), stirring occasionally to prevent the mixture from burning. Once the desired temperature is reached, immediately remove the saucepan from the heat.

Off the heat, stir in the vanilla extract or paste and flaky sea salt. If you wish to enhance the color, add red food coloring a little at a time, mixing until you reach the shade you like. I like to be conservative with the food coloring—just enough to brighten the caramels without overdoing it.

Pour the hot caramel mixture into the prepared pan and smooth the top if needed. Place the pan in the fridge, uncovered, and chill for about two hours, or until the caramel has completely solidified.

Once the caramel is firm, lightly oil the blade of a sharp chef's knife. Carefully cut the caramel slab into your desired sizes, reapplying oil between cuts to prevent sticking. Immediately separate the pieces on parchment paper so they don’t stick together. Wrap each caramel individually in the pre-cut wax paper squares.