Pour pure pomegranate juice into a medium saucepan over medium-high heat and bring to a boil, then simmer gently for 45 minutes to 1 hour, stirring occasionally until it reduces to a thick syrupy consistency.

Prepare a loaf pan by lining it with parchment paper and cut squares of wax paper for wrapping.

Once the pomegranate juice has thickened, add unsalted butter, granulated sugar, light brown sugar, and heavy whipping cream. Stir continuously over low heat until smooth and creamy.

Increase the heat to medium and use a candy thermometer to cook the mixture until it reaches 255°F to 260°F, stirring occasionally.

Remove from heat and stir in vanilla, flaky sea salt, and food coloring until well combined.

Pour the hot caramel into the prepared loaf pan and cool to room temperature, then refrigerate for about 2 hours until firm.

Remove from pan and cut into bite-sized pieces with an oiled knife, then wrap each piece in wax paper.