Heat the olive oil in a large stainless steel or non-reactive pot over medium heat. Add the shallot and garlic and saute for 3-5 minutes until softened.
Add the chili powder and smoked paprika and saute 30 seconds more.
Add the remaining ingredients and bring to a boil. Reduce heat to medium low and simmer, stirring often, until the tomatoes burst and thicken, for about 10-15 minutes. If at any time the pan becomes dry and the tomatoes begin to burn, add a tablespoon or two more of water and reduce the heat a bit more.
Remove from heat and season with additional salt and pepper, to taste. Cool completely and store in an airtight container in the refrigerator for 10-14 days. Enjoy!
Notes
I used a medley of Sunburst gold and red cherry tomatoes but you can use your favorite variety.
This jam is very rustic and chunky. If you prefer a smoother jam, process it in a food processor until it reaches the desired consistency.