In a large saucepan, combine all ingredients and bring to a boil. Stir until sugar is dissolved. Remove from heat and allow vanilla bean pod and saffron to steep for 1 hour.
Remove vanilla bean pod, scraping out any remaining seeds from the pod. Pour mixture into a blender and blend until smooth. You may need to do this in two batches, depending on the size of your blender.
Cover and refrigerate until cold. Freeze in an ice cream maker according to manufacturer’s instructions. Cover with plastic film and place in freezer until firm, about an hour.