In a skillet over medium heat, lightly toast the hazelnuts until fragrant and lightly golden brown.
In another bowl, whisk the egg yolks and powdered sugar together until light and fluffy.
In a small saucepan over medium heat, heat the water. Once it begins to simmer, add the toasted hazelnuts and cook for 5-6 minutes, until the hazelnuts soften and the liquid thickens slightly.
Strain the hazelnut mixture to remove any large pieces, then slowly pour the thickened liquid into the egg yolk mixture while continuously whisking. Next, place the bowl over a simmering pot of water (bain-marie) and continue to stir until the mixture thickens slightly.
In a separate bowl, whip the heavy cream until stiff peaks form. It's important that the cream is cold for easier whipping.
Gently fold the whipped cream into the egg yolk-hazelnut mixture. Using a spatula, be careful not to deflate the cream and maintain a light and airy consistency.
Pour the mixture into a loaf pan or silicone mold and place in the freezer. Freeze for a minimum of 4-6 hours, but the flavors will meld even better if chilled overnight.
5 minutes before serving, remove the parfait from the freezer to make it easier to slice. Dip a knife in warm water for easy slicing.
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