In a heavy saucepan, boil sugar and water over medium-high heat, stirring constantly. Do not let the mixture burn.

When the sugar is completely dissolved and the syrup is clear, remove it from heat and let it cool down to about 110 F, which is a little more than lukewarm.

Slice the peaches in half and twist the halves opposite of each other to separate and remove the pit and set it aside. Do not discard the pit, you'll be using it as well.

Thinly slice the peaches.

Place the peaches, peach pit, lemon zest, and orange zest into a clean 2-quart glass canning jar. Add the cooled ​sugar syrup, vodka, ​brandy, and food coloring.

Seal with an airtight lid. Turn jar top to bottom in one full revolution to gently mix.

Place the bottle in a cool, dark place for two weeks.

After two weeks, strain out solids through a fine mesh sieve.

Pour the peach liqueur into a clean jar, seal, and let stand another 2 to 3 weeks in a cool, dark place.

Strain the peach liqueur a final time through a double layer of cheesecloth or another filter into a decanter or decorative sealable bottle.