Wash the rice in several changes of water and drain well.
In a medium saucepan over high heat, combine the rice, coconut water, turmeric, and salt. Bring to a boil, stirring occasionally to loosen the grains. Reduce the heat slightly and let it bubble for a few minutes, stirring occasionally. When the rice appears glossy on top, turn the heat to low, cover, and cook for 10 minutes.
Turn off the heat and let the rice sit for 10 minutes. Uncover, add the coconut oil, and fluff with chopsticks or a fork to combine and circulate the grains. Re-cover and let it rest for 10 to 30 minutes to finish cooking. Before serving, fluff the rice again.
Transfer the rice to a serving bowl or platter, and let your guests help themselves.