Place oven rack in lower third of oven. Heat oven to 325°F.
Remove rind from ham if still attached. Score top or fatty side of ham in 1-inch diamond pattern. Using wooden pick, pierce hole in center of each diamond; insert clove. Place in shallow roasting pan; pour nectar over. Cover with foil.
Bake in lower third of 325°F oven 1-1/4 hours, basting every 20 minutes. Increase oven temperature to 400°F. Remove foil. Bake, basting occasionally, another 30 minutes or until internal temperature registers 140°F on instant-read thermometer.
Remove ham to platter; let stand 20 minutes before slicing.
Meanwhile, in small saucepan, bring preserves to boiling; cook 2 minutes. Spread over top of ham. Slice. Serve or cool slightly, refrigerate and serve chilled.