Using a sharp paring knife, remove all pink flesh and green skin from the watermelon rinds so you are left with the white parts. Cut into smallish cubes, about 1 inch. Reserve the watermelon flesh for juicing or snacking.
Place cut rinds into large pot and cover with boiling water. Let cook until you can pierce the rinds with a toothpick. Pour off water; keep rinds in pot.
In a saucepan, mix in all ingredients except cherries and bring to a boil. When sugar is dissolved, pour over rinds. Let stand overnight, covered.
In the morning, drain off juice and save. Pour juice into large pot and bring to a boil. Add cherries.
Pour into hot jars and seal immediately. Store in your jelly cupboard until the days get shorter.