Heat three tablespoons of oil in a pan. Add lamb shanks and cook till well browned. Heat the remaining oil in another pan. Add onions and garlic and sauté till transluscent.
Sprinkle some salt and add turmeric powder, ginger paste, red chilli flakes, cinnamon powder, grated nutmeg and freshly ground black peppercorns and mix well. Stir in honey and soy sauce and mix well. Add the lamb shanks and one and a half cups of cold water and bring it to a boil on high heat.
Reduce heat and simmer till the meat is tender. Sprinkle pistachios and almonds serve the lamb stew hot.