Repeat Graduation Announcements?
I think the proper etiquette on that is to not send them for the Master’s, but it is proper to send for the PhD. Sending more announcements so soon really isn’t a very good idea, and does make people think you are looking for gift$, no matter what is stated. I suggest that you write a letter to your friends, and in that letter mention that he has gotten in Masters’ degree now, and what his plans are. Make it a “family” newsy letter so tell them what your family as a whole has been doing etc. Often these letters are sent at Christmas, but you could do it anytime.