In a medium-sized saucepan, stir together the sugar, honey, and condensed milk over low heat until the sugar begins to dissolve.
Add the walnut pieces to the saucepan, stirring continuously to ensure they are entirely coated in the sweet mixture.
Increase the heat to medium and bring the mixture to a boil.
Let it boil for 2-3 minutes, stirring occasionally, as the caramel begins to darken and thicken.
Once the caramel has browned around the edges and smells fragrant, immediately remove the pan from the heat to prevent burning.
Carefully pour the hot walnut mixture onto a greased baking sheet or a sheet lined with parchment paper. Use a spatula to spread them into a single layer.
Allow the walnuts to cool completely.
Once cooled, break apart any large clumps and separate the walnuts.
Store in an airtight container at room temperature for up to one week.
Work quickly once the caramel is ready.
Pour and spread the nuts immediately, as the mixture will start to harden as soon as it's off the heat.
