In most cases, the item will not be consumed(berries,evolutionary stones, tm's ect) but your case is special. Some Pokemon need to be traded while holding a specific item to evolve, like Onix->Steelix is with the Metal Coat, or Rhydon->Rhyperior is with the Protector. A full list of these Pokemon can be found here- http://pokemondb.net/evolution/trade
And marzipan is wrong, the Pokemon will not evolve if it is traded holding it's respective stone needed to evolve. The stone must be used on the Pokemon in-game.
Hope this helps!