Start the instant pot in Sauté mode and heat ghee in it. Add cashews, sliced almonds and raisins. Saute for a minute while stirring until they turn golden brown in color. Remove the nuts and raisins in a bowl and set aside.
In the remaining ghee in the pot, add cardamom, cloves and cinnamon. Saute for 30 seconds as their aroma releases. Add the rinsed rice and toast gently for 2 minutes stirring constantly.
Add sugar, saffron milk, and water. Press Cancel and close lid with vent in sealing position. Set the instant pot in pressure cook (manual) mode for 4 minutes at high pressure. When the instant pot beeps, do a 5 minute NPR.
Open the lid and fluff the rice with a fork.
Now add the toasted cashews, almonds and raisins. Add the desiccated coconut if using. Mix gently.