Whisk together the dry ingredients: flour, baking powder, and salt in a medium bowl. Set aside.
In a large mixing bowl, beat unsalted butter (at room temperature), ½ cup of granulated sugar, and light brown sugar on medium-high speed until light and fluffy. Mix in egg, cherry jam, vanilla extract, and almond extract. Add red food coloring if desired.
Gradually add the flour mixture to the wet ingredients at a low speed. Once combined, fold in the chopped chocolate and dried cherries. Cover the dough and refrigerate for at least 1 hour or overnight.
Preheat the oven to 375°F and line two baking sheets with parchment paper. Roll tablespoon-sized portions of the chilled dough into balls. Roll each ball first in granulated sugar, then in confectioners' sugar, shaking off any excess. Place on the prepared baking sheets, leaving about 2 inches between each cookie.
Bake for about 15 minutes, rotating the pans halfway through baking. The cookies should have a crackled top but still be soft in the center. Transfer to a wire rack to cool completely.