Bring the pomegranate juice to a boil, then reduce to a simmer for about one hour, occasionally scraping down the sides.
While the pomegranate juice is reducing, prepare the rest of your ingredients. Also, grease an 8x8" pan or loaf pan and add two strips of parchment paper to completely cover the bottom of the pan and sides. Additionally, cut 32 pieces of wax paper into roughly 4-inch squares.
Cook down the juice until it turns into a slightly thick and syrup-like consistency and yields about ½ cup (just eyeball it). Swipe your finger across a rubber spatula to feel the consistency of the reduction.
Once the juice has reduced, add the butter, granulated sugar, brown sugar, and heavy cream and stir to combine.
½ cup unsalted butter, 1 cup granulated sugar, ½ cup light brown sugar, ⅓ cup heavy whipping cream
Turn the heat to medium and allow the mixture to come to 255-260℉, stirring it occasionally.
Once the caramel reaches temperature, remove it from the heat and stir in vanilla and salt. If using red food coloring, add in a small amount at a time and stir it in until the desired color is reached.
2 teaspoons vanilla paste or extract, 1 teaspoon flaky sea salt
Pour the caramel into the prepared pan, and place into the fridge (uncovered) for about two hours.
Once the caramel has solidified, carefully coat the blade of a sharp chef's knife with neutral oil and cut into the desired sizes. Add a swipe of oil to the blade in between each cut.
Separate the caramels immediately (keeping them on parchment paper) so they don't stick together, then wrap each caramel individually in wax paper.