In a medium saucepan over high heat, bring the water, vinegar, sugar, salt, cumin, mustard seeds, coriander, bay leaf, thyme and orange peel to a simmer. Reduce the heat to medium and simmer for 10 minutes.
Turn off the heat, and allow the mixture to cool for 10 minutes.
Meanwhile, using a kitchen blow torch, or using tongs over a gas stove top, char the outside of the cinnamon stick until the outside of is completely black. Transfer the cinnamon stick to the pickling liquid.
Place the carrots in an airtight container and pour the pickling liquid over. Let the liquid cool to room temperature and then refrigerate for at least 1 day. The pickles will stay crunchy and flavorful for up to 2 weeks.