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In a 2 quart saucepan over medium heat, bring the pomegranate juice to a boil. Lower temperature and simmer uncovered until the juice is reduced to ¾ cup (about 15 minutes). Set aside.
Line an 8” x 8” baking pan with parchment paper.
In a 2 quart saucepan over medium heat, melt butter.
Add sugar, corn syrup, salt, condensed milk, and reduced pomegranate juice. Stir continually until the mixture reaches 248° F on a candy thermometer.
Pour the mixture into the prepared pan. Allow to cool at room temperature.
For easier cutting, refrigerate for 15-30 minutes until quite firm. Lift the caramel out of the pan using the overhanging parchment paper as handles. Place on a cutting board. Use a sharp knife to cut the caramel into individual pieces (approximately 1” x ¾”).
Wrap caramels in wax paper then decorative foil.
Store in an airtight container at room temperature for up to 2 weeks.