PLACE pineapple with juice in microwave-safe medium bowl. Microwave on HIGH for 1 minute. Add both flavors gelatin powder and stir for 1 minute or until dissolved. Chill 15 minutes.
STIR in preserves. Fold in 2 cups whipped topping. Chill for 1 hour or until firm.
SERVE in small custard cups topped with a dollop of whipped topping.
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