Preheat the oven to 325 degrees F.
Trim the ham by removing the outer skin/rind, leaving a 1/4-inch of fat. Score the fat layer with a paring knife in a diamond pattern.
Put the ham, cut side down, in a roasting pan or large baking dish. Add 1 1/2 cups of water and cover with foil. Bake for 45 minutes to 1 hour.
Meanwhile make the glaze by whisking all of the remaining ingredients together in a saucepan over medium-low heat. Simmer, stirring often, to infuse flavors and to thin the preserves, about 3 to 5 minutes. Set aside 1/4 cup of the glaze.
Remove the foil after the ham has cooked for 1 hour and brush it with the glaze, working it into the scores. Bake the ham, uncovered, another 40 minutes, basting again after 10 minutes. Remove the ham from the oven when an internal temperature of 140 degrees F is reached on an instant-read thermometer. Transfer the ham to carving board and it let rest for 10 to 15 minutes.
Skim off as much of the fat as possible and then whisk in the reserved 1/4 cup of glaze. Bring the pan to a boil over medium heat, then reduce the heat and simmer until the desired consistency is reached. Strain into a warmed gravy dish for a smooth sauce, if desired. Thinly slice the ham and arrange it on a serving platter. Serve with the gravy on the side.
Avoid water added written on ham labels, its filled with nitrates. Keep the bone for soup.
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