Combine the dry ingredients and lemon zest in a 4-quart mixing bowl. Cut in the cold, cubed butter to a rough meal consistency. Add the peaches and pecans and toss to blend.
Make a well in the center of the bowl and pour in the heavy cream. Using a rubber spatula, fold the ingredients together to form a shaggy mass. Gently compact the dough into a ball, but do not over-mix.
Transfer the ball to a clean work surface and flatten it into an 8-inch disk, approximately 1-inch thick. Cut the dough into 8 equal wedges, and carefully transfer them to a parchment-lined baking pan, evenly spaced.
Just before baking, brush the scones lightly with milk and sprinkle with coarse sugar. Bake the scones for 15 minutes or until lightly browned at the edges. Transfer the scones to a rack and cool for 10 minutes before serving.
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