Add the pomegranate juice and sugar to a heavy saucepan and heat over medium heat until sugar dissolves. Bring to a simmer and simmer for about 30 minutes or until reduced by about half. Sauce should be thickened a bit.
Allow to cool for at least an hour. Once cooled, add the lime juice and pour the sauce into a storage container that is easy to pour from.
Notes
Use in cocktails and Shirley Temples for the kiddos!