While there is not a simple Yes or No answer to that, you can arrive at one by considering a few things.
Is it Part of a Matched Set?
If your 1 8 carat diamond ring came as part of a matched set which has a wedding ring in it, then it’s ok to wear it every day. This way the bands will complement each other on your hand. However, if the diamond engagement ring is not matched by a wedding ring, then maybe you should save it for some of those lavish events and outings you are so fond of.
Your Place of Work
This may seem irrelevant at first, but it is important to consider the kind of job you have. If it is one where you make extensive use of your hands, then wearing the ring may be a bad idea. This can lead to the stone coming loose from its setting, or the band being damaged.