Grind the almonds, except for ¼ cup in a fine powder. Cut the ¼ cup almonds into thin slices.
Boil the milk, while stirring continuously. Once it comes to a boil, add cream. Cook for another 15 minutes, while stirring continuously on medium flame.
The mixture should reduce to 70%. Add the almond paste and stir.
Add the grated khoya followed by sliced almonds. Cook for 15 mins. Add sugar and keep stirring for next 15 mins. You can reduce the flame to low at this point.
Add the ice cream and almond essence. Cook for 10 mins. Add the milk powder and keep stirring. Add the saffron strands as well. Cook for another 10 mins.
Take the pan of the heat and put this mixture in ice cream containers to cool down. Once it is all cool, stir in the container, you can leave it in this container or put them in kulfi molds and put it in the freezer for 8 -10 hours.
Decorate with chopped nuts, silver leaf and rooh afza and serve.