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The root 'ziv' is a Hebrew word meaning radiance or splendor, and the '-ut' suffix is a standard Hebrew nominalising ending that turns an adjective or root into an abstract noun — so 'zivut' reads as 'radiance' or 'brilliance' as a quality or state. The word appears in Hebrew scholarly texts in exactly that sense. It sits one letter from the related name Zivit, a Hebrew feminine name meaning golden or radiant.
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