In a small bowl, soak the saffron threads in 2 tablespoons of warm water and set aside.

Heat the olive oil in a large skillet or paella pan over medium heat. Add the diced onion and garlic and cook until softened, about 3 minutes.

Add the diced bell peppers and chorizo sausage to the pan and cook for another 5 minutes, until the peppers are softened and the sausage is browned.

Stir in the rice and cook for 1-2 minutes, until it is coated in the oil and slightly toasted.

Add the diced tomatoes, chicken broth, and saffron water to the pan and stir to combine. Season with salt and pepper to taste.

Bring the mixture to a boil, then reduce the heat to low and simmer, covered, for 15 minutes, or until the rice is cooked and most of the liquid has been absorbed.

Stir in the shrimp and cook for another 3-5 minutes, until they are pink and cooked through.

Remove the pan from the heat and let it sit, covered, for 5 minutes to allow the flavors to meld together.

Garnish with fresh parsley before serving.