Stir together all ingredients except rosemary and pepper in a 4-qt. microwave-safe glass bowl.
Microwave at HIGH 8 minutes (mixture will boil). Stir mixture, and microwave at HIGH 12 to 16 minutes or until thickened. (You're going for the viscosity of pancake syrup here. The mixture will thicken to soft-set preserves after it cools and chills.) Stir rosemary and pepper into warm preserves. Cool mixture completely (about 2 hours). Serve immediately, or cover and chill preserves in an airtight container until ready to serve. Store in refrigerator up to 3 weeks.
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