So the only difference between breathable and balloon grade is that ballon grade is diluted with oxygen? That is a breathable impurity.
No, not necessarily. It is what your gas supplier defines. I don't think "balloon grade" is an official purity class anywhere.
In my country, it is 99% Helium, but the provider does not guarantee by any means what the other impurities are or are not. It is not considered breathable here, mostly because there is a fear (real or not) that the impurity could possibly be something harmful, like acetylene, carbon dioxide etc.
They are not adding oxygen, or anything else to save money, but it can be recaptured helium that may or may not have impurities. They may also use re-use cylinders that may carry over some impurities to the product.
I have seen a product labeled "diving Helium" by Air Liquide in France, I think that was 99.5% Helium but obviously in such a product the impurity is safe to breath.
In Finland we are sold "N46" for diving, that means it is at least 99.996% pure helium. It is the lowest grade of "ultra pure".
In areas where specific diving gases are sold, the product is probably the same as something else, but the different labeling may be for tax reasons. Like our "diving oxygen" is medical oxygen, but is sold with higher value added tax as medical use has lower tax.