A word for “beautiful, fair” derived from the root √BAN of similar meaning (PE17/55, 143, 150, 165). Tolkien specified that this word was used “only of living things, especially Elves or Men” (PE17/150). Tolkien further stated that this would did not mean only “fair (blond)”, because it was applicable to Arwen who had dark hair (PE17/165). Thus it applied to any physically beautiful living creature.
Conceptual Development: The first appearance of this word was the Qenya Lexicon of the 1910s, where ᴱQ. {vana >>} vanĭma was glossed “proper, right, as it should be, fair” under the early root ᴱ√VANA (QL/99). In The Etymologies of the 1930s it was ᴹQ. vanima “fair” under the root ᴹ√BAN (Ety/BAN). In this document it was the basis for ᴹQ. Vanimo “the Beautiful”, indicating that by the 1930s its base meaning had shifted from “proper” to “beautiful”.
Neo-Sindarin: In the “Neologism of the Day” (NotD) series on the Vinyë Lambengolmor Discord Server as posted 2023-05-30, Delle pointed out that this word was not specifically feminine, so could also mean “✱handsome” when applied to males.
vanima adj. "beautiful, fair" (BAN, VT39:14) (glossed "proper, right, fair" in early "Qenya", LT1:272, though a later source says the word is used "only of living things, especially Elves and Men", PE17:150); nominal pl. vanimar "beautiful ones", partitive pl. genitive vanimálion, translated "of beautiful children", but literally meaning *"of [some] beautiful ones") (LotR3:VI ch. 6, translated in Letters:308). Arwen vanimalda "Beautiful Arwen", literally "Arwen your beauty" (see -lda for reference; changed to Arwen vanimelda in the second edition of LotR; see vanimelda).