Add ¼ teaspoon saffron strands to a mortar and pestle. Crush the strands into a powder. No need to make a fine powder, coarsely crushed powder is absolutely good to go.
Then, add 2-3 tablespoons hot water and soak the strands for 5 minutes.
Place 2 cups basmati rice in a large bowl and rinse well until water runs clear. Transfer the washed rice to a strainer.
In a heavy bottom skillet or pot, add 2 tablespoons olive oil along with 2 tablespoons butter over medium heat.
Add 2 green cardamom, 1 inch cinnamon stick, 2 cloves, 4-5 black peppercorns and cook for 30 seconds.
Add 1 small onion (finely diced) and cook for 3-4 minutes, stirring, until it turns translucent.
Now add the washed and strained rice and toast it for 1 minute until coated with cooked onion.
Add 3½ cups water, 1½ teaspoon salt, 1 small lemon zest, bloomed saffron water and gently stir to combine. Add 2 bay leaves. Bring water to a rolling boil on high heat and let it cook for 4-5 minutes or until 50-60% water is absorbed (this trick will give the fluffiest, separated long grain cooked rice).
Place lemon slices on top of the rice, cover the pot with lid, reduce the heat to lowest and cook for 10 minutes undisturbed.
Switch off the heat and let it rest for 8-10 minutes. Fluff the rice with a fork. Serve hot with your favorite stews, meat, kebab or vegetables of choice.