I rather not see ads in any game and don't care what you can get for watching ads so I hope there is option to turn off the ads. The game has no end so not sure why players rush the game to get where!!! ... as next year there is another age released again anyway. The game is a journey not a destination.
More than likely, there won't be a setting for it. I've pitched this idea when we were debating about such. However, it's "free" for the browser players as they don't have to watch a single ad.
If I wanted to watch adverts, I would turn on the television or go to YouTube - I don't want to watch adverts - ever. Try to make me, I will find a different game to play.
I hardly watch TV any more (yeah, I know, I am so out of touch), but on YouTube, I got an ad-blocker that works so I don't get to watch those interrupting ads when I am watching videos ever again. There's a statement that was said if you had bought diamonds, you won't get ads, but I am going to test that on the mobile app right now!
Updated Edit
I am so content with myself. I guess if I did spend diamonds in the past, I won't get the ads. I just tested it on the tavern (not that I really care for the boosts from it mind anyone since it gives only 5%) and it just presented me with an "activate" button that I just tapped onto, waiting to see if an ad will come flying out, in which none came.
Don't know about how much diamonds is the bare minimum to have this on the app version, but I did spend quite a load in my day.