Wash the rice under cold running water, turn into a bowl and cover with water. Leave to steep for 30 minutes then drain carefully.
Heat the milk gently in a heavy-based saucepan, add the saffron threads and a pinch of salt, cover and leave to infuse for 10 minutes.
Heat a nonstick, lightly oiled pan, add the rice and cook gently for a minute. Add the almonds. Remove the saffron from the milk and stir 50 g (2 oz) of the honey into the hot milk, blend well, then pour over the rice mixture. Cover and cook over a low heat for around 20 minutes.
Meanwhile, bring a large saucepan of water to simmering point. Plunge the peaches into the water for 1 minute, then run them under cold water. Skin them, slice in four and remove the stones. Heat the remaining honey and the butter in a nonstick pan. Add the peaches and cook gently on one side for around 2 minutes, then turn them and cook for a further 3 minutes.
Fluff up the grains of rice with a fork and turn out into one or several small moulds. Unmould when ready to serve with the pan-fried peaches.