Prepare Pomegranate Molasses: Pour pure pomegranate juice into a medium saucepan over medium-high heat. Bring to a boil, then reduce to a simmer for about an hour until thickened into a syrupy consistency.

Mix Ingredients: In a large saucepan, combine pomegranate molasses, unsalted butter, granulated sugar, light brown sugar, and heavy whipping cream. Heat and stir continuously until butter melts and ingredients are smooth.

Cook Caramel: Increase heat to bring mixture to a boil. Monitor temperature with a candy thermometer, stirring occasionally until it reaches 255-260°F (10-15 minutes). Remove from heat and stir in vanilla, sea salt, and food coloring if desired.

Set Caramel: Grease or line an 8x8-inch or loaf pan with parchment paper. Pour hot caramel mixture into the pan and allow to cool for about 15 minutes, then refrigerate for 2 hours until firm.

Cut & Wrap: Remove caramels from the refrigerator and lift out using parchment. Cut into squares with a greased knife and wrap each square in wax paper.