To make the panna cotta, place the water in a small dish. Sprinkle the gelatin on top and allow it to bloom for 5 minutes.
In a saucepan over medium heat, add the coconut milk and honey. Stir until simmering and the honey has dissolved. Reduce the heat to low, add the vanilla extract and bloomed gelatin and whisk for several minutes, until all the gelatin has dissolved.
Pour the panna cotta into small jars or ramekins and place in the refrigerator for at least 2 hours.
After the panna cotta has chilled, dissolve 1.5 teaspoons of gelatin in 1/4 cup of boiling water and stir. I do this in a glass measuring cup. Add the pomegranate juice, stir and let cool for 5 minutes.
Pour the pomegranate juice on top of the panna cotta and chill for another two hours. Once the pomegranate jelly has firmed up, top with pomegranate arils.