In a medium saucepan, pour the pure pomegranate juice and bring it to a boil over medium heat. Once boiling, reduce the heat to a simmer and cook until the juice thickens, stirring occasionally to prevent sticking. The goal is to reduce it to about ½ cup, which should take approximately 1 hour.

While the pomegranate juice simmers, prepare an 8x8-inch baking pan by lining it with parchment paper. Cut 32 pieces of wax paper into squares for wrapping.

Once the juice has reduced, carefully add the unsalted butter, granulated sugar, light brown sugar, and heavy whipping cream to the saucepan. Stir until well combined and melted together over medium heat.

Increase the heat slightly and continue stirring frequently. Monitor the temperature with a candy thermometer as it rises to 255-260°F, which will take about 15-20 minutes.

After reaching the desired temperature, remove the saucepan from the heat. Stir in the vanilla paste or extract, along with a sprinkle of flaky sea salt and optional red food coloring if desired.

Carefully pour the hot caramel mixture into the lined baking pan, spreading it evenly with a spatula. Allow it to cool at room temperature before placing it in the refrigerator to set for about two hours.

Once set, remove the pomegranate caramels from the pan. Use a sharp knife dipped in oil to cut them into bite-sized pieces. Wrap each piece in the prepared wax paper squares.