Set pressure cooker to "sear" add oil, and press "start/stop". When hot, add onions, ginger, and cook until onions are golden brown.
Add star anise, bay leaves, cinnamon stick, sugar, cumin seeds, mustard seeds, paprika, and sea salt. Cook until fragrant. Add peaches and water.
Close and lock lid, set pressure cooker to "steam/veggies" and press "start/stop".
When done, quick release and make sure all pressure is released before opening lid. Carefully open lid and allow chutney to cool. Serve. Chutney can be stored up to 5 days in the refrigerator.