5 lb ripe peaches
4 cups sugar
2 tbsp fresh lemon juice
5 Earl Grey tea bags, divided
Cut a small shallow X in the bottom of each peach. Working in batches, blanch in a large pot of boiling water until skin lossens (about 1 minute). Transfer to a large bowl of ice water and let cool. Peel, halve, and pit. Cut into 1/3-inch slices. Combine with sugar and juice in a large bowl. Let stand for 30 minutes.
Place a small plate in freezer. Transfer fruit mixture and 4 tea bags to a large heavy pot. Open the remaining tea bag; crumble leaves slightly; add to pot. Bring to a boil, stirring gently, and cook 15 to 20 minutes. Test doneness by scooping a small spoonful onto chilled plate and tilting plate. The preserves are ready when they don't run. Remove the tea bags. Skim foam from the surface of the jam. Ladle into two clean, hot pint jars or 1 quart jar. Wipe rims, seal, and process in a boiling water bath for 10 minutes.