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vimdiff disable/enable color coding

Is there any way to quickly disable/enable color coding in vimdiff ? The problem is, I have colored text in vim and the text is invisible is the text-color is Red, and the vimdiff too tries to put a background color of Red, making it hard to read.

So, I would like to disable the color coding for sometime, for verifying the text and re-enable it later. Any quick, easy way to do this?