YES

(VAR x0 x2 x1 x y)
(RULES
  d(x0,d(x2,x1)) -> d(d(x0,i(x1)),x2)
  d(d(x0,i(x1)),x1) -> x0
  d(x0,one()) -> x0
  i(one()) -> one()
  i(d(x0,x1)) -> d(x1,x0)
  d(d(x0,x1),i(x1)) -> x0
  *(x,y) -> d(x,i(y))
  i(i(y)) -> y
  d(one(),y) -> i(y)
  d(x,x) -> one()
)

(COMMENT
Termination is shown by EKBO with interpretations on natural numbers

  d_A(x1,x2) = x1 + x2 + 1
  one_A = 1
  i_A(x1) = x1
  *_A(x1,x2) = x1 + x2 + 1
  d#_A(x1,x2) = x2
  one#_A = 0
  *#_A(x1,x2) = x1 + x2

weights

  w0 = 1
  w(d) = 0
  w(one) = 1
  w(i) = 0
  w(*) = 0

and precedence:

i > * > d > one
)