Make the panna cotta:

1. Lightly oil 6 (6-ounce) ramekins or glasses that will hold the panna cotta.

2. Combine the saffron threads and warm water in a small bowl. Allow the saffron to bloom for about 15 minutes.

3. Combine the cream, milk, and sugar in a medium saucepan.  Set the saucepan over medium heat and gently warm the mixture, whisking frequently, until sugar dissolves and bubbles begin to break the surface, about 5 minutes.  Add in the saffron mixture. Stir and allow to simmer for a few minutes. Remove from heat and cover.

4. Sprinkle the gelatin over the cold water in a small bowl. Stir and let rest for about 5 minutes to allow to bloom.

5. Put the cream mixture back on medium heat. Once bubbles start to appear, add in the bloomed gelatin. Stir until dissolved.

6. Distribute the panna cotta equally among the prepared ramekins. Allow to cool for about 10 minutes. Transfer to the refrigerator to chill.  Allow panna cotta to completely set, about 3-4 hours.

Make the peach compote: 

7. Combine all ingredients in a heavy bottomed small saucepan. Bring to a simmer over medium-low heat. Lower the heat and simmer, stirring occasionally, until the fruit has broken down and the mixture starts to thicken slightly, about 12 to 15 minutes. Remove from heat and allow to cool.

8. To serve the panna cotta, remove from fridge and top with the peach compote. Serve!

To make ahead: Panna cotta and compote can be prepared, separately, up to 2 days in advance. Top with the compote just before serving.