Select sauté on the instant pot and adjust to normal.
Add ghee to the pot.
When the ghee is hot add the bay leaves, crushed mace, cardamoms, and cloves.
Add the whole dried red chili peppers and the cinnamon stick. Stir
Add the black cumin seeds.
When the cumin seeds splutter add the finely chopped onions. Keep stirring.
When the onions turn golden in about 2 to 4 minutes add the ginger garlic paste. Stir.
Then add the diced tomatoes and let them sauté for 3 to 4 minutes. Keep stirring.
Add the goat pieces and stir well for about 5 to 6 minutes until the goat pieces turn brown.
Then add red chili powder, Kashmiri chili powder, water, black pepper, coriander, cumin, garam masala, and salt.
Give it a good stir. Make sure nothing is stuck to the bottom of the pot and scrape the bottom of the pot well.
Secure the lid on the pot and close the pressure-release valve.
Select manual and cook at high pressure for 40 minutes.
When cooking is complete, use quick pressure release to depressurize. If you like the goat meat to be very tender then let it release pressure naturally. I like it slightly firm.
Open the lid.
Select sauté and add the beaten yogurt slowly (one spoon at a time) to the pot mixing it continuously.
Then add the heavy whipping cream and keep mixing.
Let the mutton sauté for 2 to 3 minutes and let the gravy thicken. Keep stirring every minute.
Transfer the cooked mutton in a serving bowl. Discard the bay leaves.
Garnish with saffron water.