Combine jelly and next 4 ingredients in a medium saucepan over medium heat; cook, stirring constantly, until jelly melts and mixture is smooth. Set jelly mixture aside.
Remove skin from ham, trimming fat to 1/4-inch thickness. Make shallow cuts in fat 1 inch apart in a diamond pattern. Push clove stems into center of each diamond.
Place ham in a lightly greased roasting pan, and pour jelly mixture evenly over ham.
Bake on lower oven rack at 350° for 2 hours and 30 minutes, basting with pan juices every 15 to 20 minutes. Remove ham from oven; let stand 20 minutes before carving.