In a large pot filled with water, simmer 2 pounds of white and red pearl onions for 1 minute. Remove the onions from the heat and submerge them in an ice bath. Peel the onions when cool.
In a small pot, combine 1 cup apple cider vinegar, ½ cup white wine vinegar, ½ cup water, ½ cup salt, ½ cup sugar and 2 teaspoons honey. Fill a tea bag with 1 teaspoon pickling spice, pinches of saffron, ground cardamom, clove, ginger and toasted fennel seeds. Seal the tea bag with string, and add it to the pot.
Add the peeled onions to the pot, set over low heat and simmer for 2 minutes. Let onions cool, and refrigerate in an airtight container. Enjoy for a month.