In a small saucepan combine 1/2 cup water and saffron. Bring to a low boil then set aside.
Meanwhile, in a pot set over medium-high heat melt the butter. Add the rice and sauté until toasted. Add the saffron infused water. Stir to combine and add 1 1/2 cups water and salt.
Bring to a boil, cover and reduce the heat to low. Cook for 15 minutes. Fold in the smoked chorizo and cook until the rice is fluffy and tender, another 10 to 15 minutes.
Sprinkle the lemon juice over the rice and add the almonds. Fold together and adjust the seasoning with salt and pepper.