Soak the Indian almonds for several hours and up to overnight. Add a little water and blend them to a fine paste. Set aside.
In a small tempering pan, heat the ghee (or oil) and when it is smoking or near-smoking, drop in the gaund. It will puff and whiten like popcorn. Remove it with a slotted spoon and transfer to a mortar or where it can be crushed into a powder with a stone. Set aside.
Peel the cardamom and extract the seeds. Crush those along with the peppercorns and thippili together into a semi-fine powder. Set aside.
Boil the milk (or heat it until it’s steaming). Add about a cup of milk to the Indian almond paste and then pour that back into the milk. Whisk well to combine. Reduce the flame to medium-low.
Add the sugar, mix to dissolve.
Simmer very gently on low heat for just a minute or so until the milk thickens just slightly. Drop in the saffron strands, if using. Now whisk in the turmeric, pepper-thippili powder, powdered gaund and nutmeg powder—and it’s done.
To foam it up, pour it from saucepan to saucepan, increasing the height of the milk stream as much as you can each time. Transfer to glasses or cups in the final pour and serve warm-hot.