https://www.cathaypacific.com/cx/en_...ge-access.html has more details, though log-in required.
Cathay Silver, Gold and Diamond members can redeem access to the worldwide Cathay Pacific Business Class lounges, only Diamond members can redeem Cathay Pacific First Class Lounge access.
Eligible members and co-branded credit card holders may use Asia Miles to redeem lounge access for their companions, friends or family members; this is not limited to the Redemption Group.
Eligible members and co-branded credit card holders must have enough Asia Miles in their account at the time of the request to cover the total value of the claimed redemption(s).
Eligible members and co-branded credit card holders may use Asia Miles to redeem Cathay Pacific lounge access even if they are not travelling on Cathay Pacific or oneworld airlines.
11,000 or 15,000 Asia Miles per person will be deducted from the member's or co-branded credit card holder’s account upon confirmation of their redemption.
Eligible members and co-branded credit card holders can submit a request online at least 3 weeks prior to the flight, and Asia Miles Limited will send the lounge redemption letter to the address provided. Please ensure members or co-branded credit card holders have the original redemption letter to present at the lounge desk.
Instant redemption is only valid at the time and date the redemption is made at the lounge desk for eligible members and their travel companions. Instant redemption is not applicable to co-branded credit card holders.
Children under 2 years of age will be admitted without redemption, children 2 years of age and older will be charged at the adult rate and require a separate redemption.
Access is only permitted once per person.
The redemption holder has the same privileges and benefits as other patrons of the lounge.
Lounge redemption cannot be exchanged for other awards or cash. Asia Miles once deducted from member’s account cannot be returned.
In case of disputes, the decision of Cathay Membership Programme and Asia Miles Limited shall be final.
In short, I believe yes. I do not see why not. This is limited to Asia Miles redemption only. Since you are DM, you can choose either J or F lounge.
If things work the same as 2 decades ago, the paper vouchers will be mailed to you, and you can give the voucher to your friends. My father did this in 2005 when he was SL, and I did not have status. He did not travel with me. I was denied when I first attempted to use it. The lounge receptionist was not familiar with it. My father called MPO to complain and asked them to be sure I would be able to use it in my 2nd attempt, before the letter expired, and I was able to use it then.