Remove tops and stems from guava and cut into quarters.
Bring 3 cups of water to a boil in a medium saucepan. Add guava and cook until soft, about 5 minutes. Use a fork to mash the guava to extract the juice. Press guava juice and pulp through a strainer, making sure to get as much of the pulp as possible.
Transfer the strained guava juice, sugar, lemon juice, and saffron to a medium saucepan. Boil until the guava thickens to a jam, about 10-15 minutes. Remove from heat and allow the jam to cool. The jam will continue to thicken. Store in an airtight container.
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