Mix together water, sugar, and honey in a medium saucepan on medium-high heat.
Stir in the ginger, broken cinnamon stick, and other spices (peppercorns, allspice and nutmeg).
Bring mixture to a rolling boil, then reduce heat to low.
Cover saucepan and simmer for 25-30 minutes.
Take saucepan off heat and allow mixture to cool for 30 minutes.
Strain syrup through two layers of cheesecloth or a mesh sieve strainer.
Pour into a clean container and cover with airtight lid.
Store in refrigerator for up to 2 weeks.