In a Dutch-oven or heavy saucepan, combine the first 3 spices and cook on medium for 1-2 minutes, until toasted and fragrant. Transfer to a piece of parchment paper (or paper towel) and set aside.
In the same pan, heat the oil and add the chopped beets, onion, and peppers with the pepper. Cook for 15 minutes or until tender, stirring occasionally.
Add in the garlic and reserved spices. Cook for another 3 minutes. Add the tomatoes, rinsed beans and water.
Heat to boiling; then reduce to low and simmer for 30 minutes.
Season with more salt and pepper if needed. The chili is best if it sits overnight.
Serve with sour cream and freshly chopped cilantro.