Combine peaches, lemon juice, sugar, ginger, cinnamon and nutmeg in a large heavy bottomed sauce pan.
Cook over medium low heat, stirring frequently. Bring to a low boil and continue cooking and stirring for about 15 minutes.
For chunky preserves, mash with a potato masher or blend with an immersion blender for smoother preserves.
Put a small drop of preserves on a plate and refrigerate for a minute to check your consistency. If it is thick enough for you, remove from the heat. If you would like for it to thicken up a bit, allow to simmer for a couple more minutes and then try again.
Once you have the desired consistency, remove from heat and stir in vanilla.