1. Prepare the Apricot-Peach Dipping Sauce

• Sauté the Apricots: In a small saucepan over low heat, melt the butter. Add the chopped apricots and cook gently until they release their juices and soften, about 5-7 minutes.
• Add Preserves: Stir in the peach preserves. If the mixture is too thick, add a tablespoon of water to achieve a sauce-like consistency. Continue to cook for another 2-3 minutes until well combined.
• Cool and Store: Remove from heat and let the sauce cool. Transfer to a container and refrigerate until ready to use. If it thickens too much upon cooling, warm it slightly before serving.

2. Cook the Rice

• Boil Water and Add Rice: In a medium saucepan, bring 2 cups of water to a boil. Add the Arborio rice, stir, reduce heat to low, cover, and simmer for about 15 minutes until the water is absorbed.
• Incorporate Milk: Pour in the whole milk, stir to combine, and bring the mixture to a gentle boil. Reduce heat and simmer uncovered for approximately 30 minutes, stirring frequently to prevent sticking, until the rice is tender and the mixture is creamy.

3. Enrich the Rice Pudding

• Prepare Egg Mixture: In a separate bowl, whisk together the sugar, cornstarch, cinnamon, nutmeg, egg, and vanilla extract until smooth.
• Temper the Egg Mixture: Gradually add a few spoonfuls of the hot rice mixture into the egg mixture, whisking constantly to prevent the egg from cooking.
• Combine and Thicken: Pour the tempered egg mixture back into the saucepan with the rice. Cook over medium heat, stirring continuously, for about 2 minutes until the mixture thickens and becomes very sticky, resembling risotto.

4. Chill the Rice Mixture

• Transfer and Cover: Spread the thickened rice pudding into a baking dish or loaf pan. Cover the surface directly with plastic wrap to prevent a skin from forming.
• Refrigerate: Place in the refrigerator for at least 2 hours, or until completely chilled and firm. This step can be done a day in advance.

5. Form the Arancini

• Portion the Rice: Once the rice mixture is firm, use a spoon or small ice cream scoop to portion out about 2 tablespoons of rice for each arancino. Roll each portion into a ball between your palms.
• Set Up the Coating Station: Prepare three bowls—one with flour, one with beaten eggs, and one with graham cracker crumbs.
• Coat the Arancini: Roll each rice ball in flour, then dip it in the beaten eggs, and finally coat it in graham cracker crumbs. Press gently to ensure an even coating.

6. Fry the Arancini

• Heat Oil: Fill a large, heavy-bottomed pot with about 2 inches of canola or peanut oil and heat to 350°F (175°C).
• Fry in Batches: Carefully lower a few arancini into the hot oil using a slotted spoon. Fry for 2-3 minutes, turning occasionally, until golden brown and crispy.
• Drain Excess Oil: Transfer the fried arancini to a plate lined with paper towels to drain.

7. Serve with Apricot-Peach Sauce

• Dust with Sugar: Lightly dust the arancini with confectioners’ sugar.
• Plate and Serve: Arrange them on a serving plate with a side of apricot-peach sauce for dipping. Serve warm.