iTerm Colors Settings | bold text has no color / is in shades of grey

After a lot of consideration, thinking and deliberation, you have finally picked a color scheme that would have the honor of gracing your iTerm. You add it and expect the Lord of Light to shine on your iTerm. But you get this:

instead of this:

Worry not. The Lord of Light doesn't hate you.

Untick the setting Draw Bold Text in Bright Colors in Preferences -> Profiles -> Text.

Now bow to the Lord of Light.