Line a 9-in. pie plate with bottom pastry; trim even with edge of plate. Set aside. In a bowl, combine 3/4 cup sugar, cornstarch, nutmeg, ginger and cinnamon; stir in 3 tablespoons cream, lemon juice and extract. Add the peaches; toss gently. Pour into the crust.
Roll out remaining pastry to fit top of pie; make decorative cutouts in pastry. Place top crust over filling; trim, seal and flute edges. Brush pastry and cutouts with remaining cream. Place cutouts on top of pie; sprinkle with remaining sugar.
Cover edges loosely with foil. Bake at 400° for 40 minutes. Remove foil; bake 8-12 minutes longer or until crust is golden brown and filling is bubbly. Cool on a wire rack. Refrigerate leftovers.