Remove skin from ham, and trim fat to 1/4-inch thickness. Make shallow cuts in fat 1 inch apart in a diamond pattern. Place ham in an aluminum foil-lined roasting pan; add broth to pan.
Stir together preserves and next 5 ingredients in a saucepan; bring to a boil over medium-high heat, stirring constantly. Reduce heat to medium-low; simmer, stirring constantly, 5 minutes or until mixture is slightly reduced. Cover and chill half of cherry mixture until ready to serve. Brush ham with half of cherry mixture.
Bake ham at 275° on lower oven rack 4 hours to 4 hours and 30 minutes or until a meat thermometer inserted into thickest portion registers 148°, basting with remaining cherry mixture every 30 minutes. Let ham stand 15 minutes before slicing.
If desired, reheat reserved chilled cherry mixture. Serve ham with reserved cherry mixture and mustard. Garnish, if desired.
Note: We tested with Smucker's Cherry Preserves and Smithfield Hardwood Smoked, Ready-to-Cook Ham.
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