Combine apple cider and sugars in large saucepan.
Heat over medium heat, stirring until sugars dissolve.
Add cinnamon stick and cloves.
Bring to a boil over medium heat.
Reduce heat to low; simmer 5 minutes.
Add grapefruit and orange juices.
Heat, but do not boil.
Strain into heatproof punch bowl.
Garnish with orange slices decorated with maraschino cherry halves and whole cloves.