In a medium skillet, heat the oil and butter over low heat.
Add the cumin, turmeric, curry powder, cayenne, and salt and pepper to taste. Cook, stirring the spices into the oil, about 30 seconds.
Add the cashews and stir well, making sure to coat all the nuts with the spices; cook about 2 minutes.
Add the honey and stir well to coat all the nuts; cook for 2 minutes more, until the nuts are golden brown and well glazed.
Pour the nuts onto a sheet of parchment paper or aluminum foil, spreading them out so they don't clump together. Let cool and remove from the paper.