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Mix garlic powder, rosemary, thyme and pepper in small bowl until well blended. Reserve 1 teaspoon of the seasoning mixture for the Pomegranate Glaze. Stir sea salt into remaining seasoning mixture. Brush lamb with oil. Coat evenly with seasoning mixture. Place lamb in large resealable plastic bag or glass dish. Refrigerate at least 12 hours or overnight for best flavor
Meanwhile, for the Pomegranate Glaze, mix pomegranate juice, molasses and reserved seasoning mixture in medium skillet until well blended. Bring to boil. Reduce heat to low; simmer 20 to 30 minutes or until mixture is reduced by half, stirring occasionally. Cool to room temperature. Stir in balsamic vinegar
Place lamb on lightly oiled grill on medium heat. Cover. Grill 20 to 25 minutes, turning occasionally, or until thermometer inserted into thickest part of lamb reaches 125°F for medium-rare. Brush with 1/4 cup of the Pomegranate Glaze during last 10 minutes of cooking. Transfer lamb to cutting board. Let stand 10 minutes before slicing. To serve, drizzle with remaining Pomegranate Glaze