Melt the butter or heat the olive oil in a medium saucepan over medium heat. Add the finely chopped onion and sauté until softened and translucent, about 5-7 minutes. Be careful not to brown it.
Add the minced garlic to the saucepan and cook for another minute until fragrant. Stir in the rinsed rice, coating each grain with the onion and garlic mixture. Cook for 1-2 minutes, stirring constantly, until the edges of the rice grains appear slightly translucent.
Pour in the chicken or vegetable broth. Add the ground turmeric, cumin, and smoked paprika (if using). Season with salt and pepper. Stir well to combine everything and ensure the spices are evenly distributed.
Bring the mixture to a boil. Once boiling, reduce the heat to low, cover the saucepan tightly with a lid, and let it simmer gently for 15-18 minutes, or until all the liquid has been absorbed and the rice is tender.
Once the rice is cooked, remove the saucepan from the heat and let it stand, covered, for 5-10 minutes. This resting period allows the steam to finish cooking the rice and makes it fluffier. Fluff the rice gently with a fork before serving. Garnish with fresh chopped parsley.