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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We tried this at Sageberry Restaurant in Centre Alabama and it was wonderful. It was served over cream cheese on Ritz crackers. (I understand that this recipe was made with Chilton County [Alabama] peaches and home grown tomates.) I would not have thought the combination of tomatoes and peaches would have been very tasty together, but I was amazed at how good it was. Of the fifteen or so of us that tried this, all with various likes and dislikes in food, all of us went back for seconds, and thirds. There was no one flavor that overwhelmed the others. They all blended together to create a slightly sweet, slightly tangy but totally unique taste. It would go well for a party setting or a snack. This will be a good dish to whip up for company. We did try it chilled, but I imagine it would also be good warm served over room temp cream cheese.
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