In a heavy saucepan, combine water and rice; bring to a boil over medium heat. Reduce heat; cover and simmer until water is absorbed, about 15 minutes. Add cream and sugar; bring to a boil. Reduce heat; simmer, uncovered, until slightly thickened, 30-40 minutes. Stir in rose water. Refrigerate until chilled, at least 2 hours. Stir in additional cream to reach desired consistency. If desired, top with pomegranate seeds and pistachios.