Put the pomegranate juice, into a small saucepan and bring to a boil. Reduce the heat to medium and simmer, uncovered, until juice is reduced to about 2 tablespoons, about 6 minutes. Set aside to cool and thicken.
Toast the walnuts in a dry skillet over a medium-high heat until fragrant, about 2 minutes. Set aside to cool.
Put the walnuts and bread crumbs into a food processor and process until finely ground. Add the reduced pomegranate juice or pomegranate molasses, lemon juice, red peppers, cayenne pepper and cumin and process until smooth. With the processor on add the olive oil in a thin stream. Season with salt, to taste. Sprinkle with cumin and olive oil and serve.