1. With an electric mixer, beat butter. 1/2 cup sugar and brown sugar until light and fluffy. Beat in the eggs. Add preserves, food coloring and extracts and mix to combine.
2. In a separate bowl whisk together flour, baking powder and salt. Add to butter mixture and mix until combined. Fold in chopped chocolate and cherries. Cover and refrigerate until firm, about 2 hours or overnight.
3. Preheat oven to 375º. Line 2 baking sheets with parchment paper.
4. Place sugar in a small bowl and confectioners sugar in a separate bowl. Form dough into balls using an ice cream scoop. Roll first in regular sugar and then in powdered sugar and place them about 2 inches apart on prepared pans.
5. Bake until the cookies are cracked and dry on top, about 15 minutes. Let cool slightly before transferring to a wire rack.