This is basically what I did, modified from a recipe I found online:
The amount of preserves used would be determined by the amount of sauce made. I tripled the amounts for the two racks of ribs so I'd have enough to glaze and then some left over for anyone who wanted extra. For the recipe below, I would use enough preserves to make the sauce thick, probably about 1/2 to 3/4 of a small jar. I used a full jar for the tripled recipe. You can use apricot or peach, whichever you prefer.
One tip before you start grilling: The sugar in the preserves tends to burn on the grill (and your food) quickly. To avoid a mess, use the sauce at the end of the grilling.
3/4 cup ketchup
1 tablespoon vinegar (I use apple-cider vinegar but white vinegar is just fine)
1 tablespoon brown sugar
salt (to taste)
pepper (to taste)
1 tablespoon lemon juice
1 dash worcestershire sauce
About 1 1/2 teaspoons butter
1 pinch garlic powder
1 drop Tabasco sauce (any red pepper sauce will do)
peach preserves or apricot preserves
Combine all ingredients in small saucepan and heat (on medium to medium-low) until butter is melted. After butter is melted and sauce is heated through (NOT BOILING), remove from heat and let stand for 15-20 minutes for the sauce to thicken and cool. I glaze my ribs in the last hour to hour-and-a-half of cooking.
