In a large saucepan, combine rice and water. Bring to a boil over medium-high heat.
Stir in cream, milk, butter, salt and cinnamon stick.
Simmer on low heat, uncovered until mixture is thickened and rice is cooked through, about 30 minutes.
Combine 2 egg yolks with granulated sugar and whisk into rice mixture.
Add ground cardamom, nutmeg and vanilla extract.
Stir in toasted, blanched, slivered almonds. You may serve hot or cold with fruit soup.