In a large pot over medium heat, warm the olive oil, then add in the shallots. Cook for 5 minutes, or until the shallots are translucent.
Add in the ginger and garlic and cook, stirring often, until aromatic (1 to 2 minutes),
Add the tomatoes, red chili, vinegar, honey, paprika, and mustard seeds. Increase the heat to high and bring the mix to a boil.
Reduce the heat to low and simmer for 45 minutes, until the chutney thickens.
Remove from heat and let the chutney cool to room temperature Add salt and pepper to taste and serve.