Yes, you could achieve this in number of ways. A couple of examples below:

1. Location - create an inventory location (say testing area) outside stock and use an inventory operation to move the product to that location and back.

2. Product state - use a MO to change the product to 'product - open box/in test '. you could use unbuild orders to get it back product to stock.

3.Consignment Inventory - As you mention in the title of  this  post , you could enable the functionality from Settings > Inventory > Traceability > Consignment

Would largely depend on the processes specific to your business.

Regards