Using vegetable peeler, remove peel (yellow part only) from lemon in long strips. Squeeze 1 1/2 tablespoons juice from lemon. Combine wine, shallots, garlic, and lemon peel in heavy small saucepan. Boil until mixture is reduced to 1/2 cup, about 15 minutes. Add cream and turmeric and boil until mixture thickens and is reduced to 1 1/4 cups, about 13 minutes. Pour mixture through fine strainer; discard solids in strainer. Return sauce to pan. Whisk in 1 1/2 tablespoons lemon juice. Season to taste with salt and pepper. DO AHEAD Sauce can be made 1 day ahead. Cover and refrigerate. Before serving, bring to simmer over medium heat, whisking occasionally.
Preheat oven to 400°F. Pat scallops dry with paper towels. Sprinkle scallops with salt and pepper. Melt 1 tablespoon butter with 1 tablespoon oil in heavy large skillet over high heat. Working in batches, add scallops to skillet and sear until browned and almost opaque in center, adding remaining 1 tablespoon butter and 1 tablespoon oil to skillet as needed, about 1 minute per side. Transfer scallops to rimmed baking sheet. DO AHEAD Can be made 20 minutes ahead. Let stand at room temperature.
Bake scallops until just opaque in center and heated through, about 3 minutes. Divide sauce among plates. Arrange scallops atop sauce and serve.
What to drink: Go ahead, splurge. The William Fevre Fourchaume 2004 Chablis Premier Cru ($28, France) creamy and rich, with lemon and grapefruit flavors would be divine.