In a medium pot, combine coconut milk, cream of coconut, and sweetened condensed milk. Add whole spices and heat over medium-low until warm, not boiling, for about 5–7 minutes.

Remove the pot from heat and cover. Allow mixture to steep for 15–20 minutes.

Strain the warm coconut mixture through a fine mesh sieve into a bowl or pitcher to remove spices.

In a blender, add the infused coconut mixture, evaporated milk, vanilla extract, and a pinch of salt. Blend on high for 20–30 seconds until smooth.

Add white or gold rum to the blender and blend briefly. Taste and adjust rum as preferred.

Sprinkle in fresh grated nutmeg and blend for an additional 5 seconds.

Transfer to glass bottles or containers and chill in the refrigerator for at least 4 hours.

Shake well before serving, pour into small glasses, and garnish with a sprinkle of nutmeg or cinnamon.