Combine preserves, vinegar and water in a measuring cup or bowl. Use a fork to break up any chunks of apricot. Add garlic and thyme, and mix to combine. Set aside.
Pat chops dry with a paper towel and season generously on both sides with salt and pepper. Heat oil in a large sauté pan over medium-high flame until quite hot. Brown chops on one side, about 4 minutes. Turn chops, reduce heat to medium and cook about 3 minutes. Transfer chops to a plate—they don’t need to be completely cooked through yet, they will go back in the pan.
Add apricot preserve mixture to the pan and cook, scraping up any browned bits, for about 2 minutes. Return chops to pan and let sauce cook down slightly as chops finish cooking, turning to coat on both sides.
When the sauce reaches a consistency you like (you can see from the photo, I was impatient and let it be thin), plate the chops and spoon additional sauce over them. Serve.