Soak the apricots overnight for at least 12 hours in lukewarm water. Destone the apricots and boil them in the same water on a low heat till the apricots are cooked. Add sugar and continue to cook till the apricots turn slightly dark in colour and the mixture is thick. Add vanilla essence.
When the mixture is cool, pass it through a mincer or a blender, and finally pass it through a sieve to remove all the strands. Mix most of the whipped cream into the apricot mixture and blend well. Blend the dissolved saffron in the remaining whipped cream.
To serve, put a little apricot-cream mixture in a wine glass and pipe saffron-cream on top to stand up in peaks. Garnish with a cherry. Similarly prepare more servings with the remaining ingredients. Serve cold.