Combine all ingredients in a medium saucepan over medium-high heat; bring to a simmer, stirring constantly. Reduce heat, and simmer 15 minutes or until thick, stirring occasionally. Serve warm or at room temperature.
Store this apricot chutney, covered, in the refrigerator for up to one week. A good rule for selecting apricots: If they smell sweet, they probably taste terrific. For spicier chutney, leave the seeds in the serrano chile.