Bring sherry and apricot preserves to a simmer in a small saucepan over medium heat; cook until reduced to 1 1/4 cups (about 20 minutes), stirring occasionally. Remove from heat, and add ground coriander and paprika, stirring with a whisk.
Preheat oven to 325°.
Trim fat and rind from ham. Score outside of ham in a diamond pattern; stud with cloves. Place ham on the rack of a broiler pan or roasting pan coated with cooking spray. Pour 1 cup water into pan; place rack in pan. Brush ham with 1/4 cup sherry mixture. Bake at 325° for 1 1/2 hours or until thermometer registers 140°, basting with remaining sherry mixture every 30 minutes. Transfer ham to a platter; let stand 15 minutes before slicing.