Simmer preserves, vinegar, thyme, and cayenne in saucepan over medium heat until reduced to 1 cup, about 3 (three) minutes. Reserve 1/4 cup mixture as glaze for chops. Add peaches to saucepan with remaining mixture and simmer over low heat until peaches are soft and mixture is slightly thickened, about 10 (ten) minutes. Remove from heat, stir in mustard. Cover and keep warm.
Season pork with salt and pepper and grill over hot fire approximately 6 (six) minutes per side. Brush with reserved glaze and cook 1 (one) minute longer, per side. Transfer to platter and let rest 5 (five) minutes, to allow internal juices to redistribute. Pour sliced peach mixture over chops and serve.