Wash the guavas thoroughly. Trim the tops and bottoms, then cut them into smaller pieces.

Add the chopped guavas to a deep pot with enough water to reach the same level as the fruit.

Add the bay leaves and cinnamon stick, if using. Bring to a boil and cook until the guavas soften and begin to break down.

Remove from the heat and allow to cool slightly. Discard the bay leaves and cinnamon stick.

Place a strainer over a large bowl. Working in batches, press the softened guavas through the strainer using a spoon or spatula to separate the pulp from the seeds.

Transfer the guava puree to a nonstick pot over medium heat. Add the sugar and stir until completely dissolved.

Add the lime juice and stir to combine. Once the mixture begins bubbling, reduce the heat to low.

Simmer for approximately 20–40 minutes, stirring regularly and more frequently as the jam thickens. The jam is ready when it becomes noticeably thicker and no longer runs freely off the spoon. It will continue to thicken as it cools.

If desired, add 1–2 drops of food coloring and stir to combine.

Carefully transfer the jam into clean, heat-safe jars. Allow to cool, then cover and refrigerate.