Log into a MacOS Admin user.
Make sure that Media Composer is closed.
Follow this path:
MacintoshHD\Library\Application Support\Avid\Phonetic
Once there move the .CLS file (or files) to the desktop or to a folder in the desktop (just to back it up in case you would like phonetic indexing to work again)
After doing that click on the "English" folder and create a new folder in there, you can name it whatever you want (Example: NoRead), and move all of the files within the English folder to the folder that you just created there.
This is done so that Media Composer doesn't see those files.
That's it, phonetic indexing is now completely disabled in that machine.