Bring a large pot of water to a boil and dip the peaches in it, letting them simmer for no more than 30 seconds.
Take them out and run cold water on them until they are cool enough to peel. Reserve one peach and cut the other ones into 1 inch cubes.
Put the cut-up peaches with the honey, the lemon juice and the water in a saucepan and simmer for about 30 minutes until they are soft and part of the water is absorbed.
Add the saffron threads and cook an additional 10 minutes.
Finally, add the reserved peach, cut into ¼ inch cubes.
Pour in a bowl, cover with plastic wrap, pressing it against the compote to create an airtight seal and refrigerate until ready to eat.
Ready to eat!